Founded by Leon Li of the Department of Automation of the Tsinghua University in Beijing in 2013, Huobi Global is among the leading digital currencies exchange popular in the Asian markets. It aims to provide a platform for spot trading, crypto loans, derivatives trading, and staking. Because of China’s dynamic regulatory aspects, Huobi was forced to transfer its cryptocurrency trading services elsewhere in 2017. At first, it was incorporated in Seychelles and eventually, in Singapore where it is positioned to penetrate the Asian countries and across the globe.
In 2019, the platform was accused of engaging in wash trading to raise its reported trading volume numbers. However, this allegation was denied by Huobi and declared to have security protocols that prevent wash trading on the network.
The Huobi Token (HT)
The native token that runs on Huobi Global’s environment is the Huobi Token, a decentralized ERC-20 digital currency based on the Ethereum blockchain. With its own token in place, Huobi has managed to develop an effective marketing scheme that led to the growth of its userbase and an increase in Huobi’s capitalization.
Is It Secured?
The HT token was introduced in January 2018 and since then, it has utilized the Security Reservation Mechanism which is an asset protection system. Also in that year, the platform set up its Investor Protection Fund to protect its HT holders from financial losses in a case of a fraudulent act or any other risks that may arise in cryptocurrency trading.
Uses of HT Token
One of HT token’s main functions is to allow its holders to participate in decision-making through their voting rights in the project development. The HT token also enables members to purchase a loyalty program that offers a wide range of discounts. With VIP status, a member is entitled to receive discounts on transaction fees, digital currency rewards for some buyback periods, and early access to events. This loyalty program has motivated its users to stay on the platform.