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.
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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.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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