The cryptocurrency market that was initiated with only one prime digital currency named Bitcoin now contains more than eighteen hundred tradable coins. As a result, the competition among various coins to gain a formidable price and market capitalization is becoming increasingly difficult. Under the circumstances, a significant number of cryptocurrency exchanges are launching their own default currencies for the convenience of the millions of traders across the globe and to increase their net profit at the same time. Binance, the largest cryptocurrency exchange, was the pioneer in launching its own default token named Binance Coin (BNB). After this, a few more very popular exchanges followed the same path. Huobi is certainly one of the most renowned names among those exchanges.
As an exchange, the eminence of Huobi is incontrovertible as it is an inseparable part of the Asian cryptocurrency market consisting of nations like China, Japan, Hong Kong, Singapore, and many others. This Singapore based exchange also has an office in the United States for controlling markets outside Asia. Huobi Token (HT) was first introduced to the traders on 3rd February 2018 as an Ethereum based ERC-20 token. Unlike most other coins, HT didn’t have an ICO phase and traders can acquire this token by purchasing “point cards” from its parent exchange.
Here, various aspects of this new exchange-originated token would be discussed to elucidate the fact why investing in it might be a good decision this year.
Key Features of Huobi Token:
While launching this cryptocurrency, the development team of Huobi Pro exchange incorporated some very innovative features in this token. Some of them include:
- Huobi Points and Transaction Fee Discount: According to the rules of Huobi exchange, Huobi tokens can be only purchased Huobi’s distinct prepaid cards known as the “point cards”. By using these cards, the investors can not only buy HT but also can purchase various levels (5 levels to be precise costing from 120 HTs to 12,000 HTs per month) of VIP statuses associated with this coin. The coin also comes with a transaction fee discount (up to 50% according to the VIP status) that is beneficial for investors trading in huge volumes of certain assets or cryptocurrencies.
- Liquidity Protection: Every quarter the Huobi Pro exchange itself purchases Huobi Tokens in the open market to maintain the liquidity of this digital coin. As the total distribution of HT is strictly limited to 500 million among which only 60% (i.e. 300 million) could be purchased by using point cards, this activity of Huobi Pro makes a pivotal impact on the coin’s circulation and overall popularity. The amount of Huobi Token purchased by the exchange is safely stored in the Huobi Pro Protection Fund in order to protect users’ interest and to indemnify them in case of losses. Huobi Pro uses 20% of its income for this buyback process.
- Exclusive Events: Huobi Token holders can take advantage of the exclusive new listings and various other events like token giveaways or airdrops. As Huobi is one of the prime exchanges (6th in the market) with several popular cryptocurrencies, HT holders can always broaden their prospects by investing in other coins as well.
- Effective Communication: As Huobi is an exchange, a significant number of cryptocurrency communities send their respective requests for token listing on a regular basis. HT holders have the access to the latest information about which coins got listed after Huobi Pro’s rigorous evaluation process. The token holders can cite their suggestions as well as the listing of new coins.
- A cornucopia of Airdrops: HT holders can randomly receive airdrops from different cryptocurrencies and ICOs by simply holding onto this coin. For ambitious traders, this feature presents itself with a cornucopia of lucrative trading options.
- Security: Huobi Pro is one of the most secure cryptocurrency exchanges in the world with an impregnable encryption code that hides all transactions and activities from Trojan and other malicious websites. Consequently, its default currency Huobi Token is also one of the safest currencies to invest at the moment.
Available Pairs of Huobi Token:
Huobi Token can be traded in exchange for Bitcoin, Ethereum, and US Dollar. Almost every cryptocurrency trader has investments in at least one of these coins and as a result, HT offers a hassle-free and convenient trading experience to its users.
Current Condition of Huobi Token:
Despite spending hardly four months as a legitimate cryptocurrency, Huobi Token has been able to make inroads in the market by acquiring a formidable market cap and price. Currently, it holds the 51st position on Coinmarketcap with a price tantamount to $4.99 and a market capitalization of nearly 250 million USD (as of 20th June 2018). Since April 26th of this year, the price chart of HT has been following a steadily upward trend so far with a few minor fluctuations. Its current figures are showing an improvement of 16.28% over the previous ones.
Since the market mayhem occurred in January 2018, a large number of investors are inclining towards coins that offer both stability and security. From the points mentioned above, it is quite evident that this default currency of Huobi Pro exchange is capable of offering both. Also, with the liquidity protection and compensation protocols, traders wouldn’t need to constantly worry about their investments. Although it is nearly impossible to predict a digital currency’s future, it can certainly be said that HT is likely to have a promising and prosperous one if the current trend continues. Therefore, investing in this coin might be a judicious for the new investors this year.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…