Huobi Token (HT) – the native virtual currency of one of the largest cryptocurrency exchanges, Huobi Pro. The currency was developed in order to reduce the fees, paid by token holders for trading on the exchange. In addition, the token is used in the points system when new coins enter the exchange.
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Description of Huobi Token (HT)
Huobi token - a relatively young project. It was first launched in January 2018, right after the release of the native token on rival crypto exchange Binance. Having its own token allows Huobi to build a flexible marketing strategy to attract new users and further develop its platform.
One of the key functions of the token - to reduce the fees for trading on the exchange, which are usually paid from users' wallets. However, the token has much more to offer. Using HT, users can purchase monthly VIP status plans to receive discounted transaction fees. Token holders have the right to vote on exchange decisions, can receive crypto rewards for seasonal buybacks and receive early access to special events. HT holders can exchange the token for other cryptocurrencies at any time.
Distinctive feature of the project
Huobi token has two main functions. Firstly, the exchange uses HT for its loyalty program, which rewards members with a range of discounts. The company also decided to use the tokens to grant voting rights to users of the Huobi Autonomous Digital Asset Exchange (HADAX). In order to fulfill these functions, Huobi has tried to keep the value of HT quite stable. To curb inflation, the company is allocating 20% of profits to a token buyback program.
Token holders enjoy several benefits due to its circulation, which include:
| Reduced transaction fees | Huobi Exchange offers a range of discounts for VIP customers. With this option, investors and traders can save a decent amount of money on commissions. |
| Convenient medium of exchange | The platform goes out of its way to make exchanging Huobi tokens easy and convenient, and supports the asset in trading pairs with numerous popular cryptocurrencies. |
| Promotion of new tokens | HT holders receive coins with each list of new crypto assets and can also receive a wallet bonus. |
| Investor protection program | The tokens, redeemed by the exchange, are sent to an investor protection fund, the purpose of which - to compensate for any financial losses. |
Moreover, HT token holders can vote and influence the development of the exchange and its wider ecosystem.
Where to buy and sell coins?
The Huobi token appeared in early 2018. To begin with, Huobi distributed HT tokens directly to VIP users, and regular traders could buy a service package with a certain number of tokens. Unlike ICO, this method of coin distribution is called Initial Exchange Offering (IEO). The easiest way to purchase a Huobi token - to purchase it from Huobi Global. The exchange supports a large number of token trading pairs and offers favorable trading rates. Apart from this option, HT is supported on several exchanges, including:
- Gate.io;
- FTX;
- KuCoin;
- Binance JEX;
- AscendEX (Bitmax);
- LBank, etc.
To store Huobi Token, the company's developers have created the Huobi Wallet multi-currency wallet, which can also store more than a thousand other cryptocurrencies. These include Bitcoin, Ethereum, Litecoin, Bitcoin Cash and many other popular virtual coins.