The HTX trading platform has announced the burning of 2.96 million HT tokens in the fourth quarter of 2023. This action was part of the company's strategy to use 20% of its revenue for crypto asset destruction. As a result, the platform's net revenue for the last three months of the previous year amounted to $37.09 million.
The fourth quarter of 2023 turned out to be the most successful for the company, surpassing the revenues of the previous three quarters. HTX specialists noted that the token burning mechanism is constantly being improved. As of January 15, 2024, the total number of destroyed HT tokens exceeded 303.96 million.
HTX also responded to community feedback and in December 2022 adjusted the token burning mechanism from monthly to quarterly. This decision was aimed at increasing transparency in the process.
The company emphasizes that its revenues come from trading fees, lending interest, and other services. Huobi, the predecessor of HTX, is one of the world's largest cryptocurrency exchanges and was launched in China in 2013. In 2023, in honor of its 10th anniversary, the platform underwent rebranding and was renamed HTX.
