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Huobi, one of China's former 'big three' exchanges, has launched the issuance of its own token while insisting it's not an ICO.
Huobi, the cryptocurrency giant based in Beijing, announced today the launch of its own token, dubbed "Huobi Token (HT)". The utility token is based on the ERC-20 standard of the Ethereum blockchain and will be capped at 500 million chips. "Huobi Token, abbreviation for" HT ", is a token system based on the launch and management of Blockchain, Huobi said in an article on his website.
The details of the announcement reveal that 300 million (60%) HT will be available for sale to investors over a period of 15 days. 100 million additional chips (20%) will be used for platform operations and rewards for users, while the remaining 100 million chips will be reserved for team incentives.
In a related press release, the exchange insists that the offer is not an OIC open to all investors. The HT 300 million will be offered only to users who purchase a "point package", essentially a prepaid card package on its Huobi Pro platform using the USDA anchor token.
An excerpt from the announcement reads:
HT is not an initial offer of coins (ICO). Users can not obtain HT by purchasing "Point Card" on Huobi Pro. Point Card is Huobi's prepaid card for basic service charges. 1 point = 1 USDT.
The Huobi tokens, which will likely serve as an asset for the exchanges of several Huobi stock exchanges on a worldwide scale, will be available for sale with the lether, bitcoin and ethereum from February 1st.
In addition, Huobi also insists on buying Huobi tokens on the open market with 20% of its net income, putting a "certain proportion" of chips in the Huobi Investor Protection Fund, a reserve to compensate and protect investors. against volatility and market losses.
Huobi was among China's biggest cryptocurrency trading platforms before crippling national regulations that effectively reduced the industry. After the closure of its Chinese trading platform in October, Huobi founder Leon Li called China's curtain call "turning point" for the industry before launching Huobi Pro , its Singapore-based international trading platform.
Huobi's announcement to offer its own token is a new step in the diversification strategy of the former Chinese giant of exchange, which includes an expansion into the main markets cryptocurrency in South Korea and Japan.
Image from Shutterstock to photo
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