What is Huobi? | Everything You should know about Huobi
The Huobi crypto currency, or Huobi token, is a major Huobi exchange backed currency that, although just getting started, has a bright future ahead. If you are interested in learning more about it, stay tuned to the end of this article.
“Huobi Token” (HT) – a native token of the Huobi crypto currency Exchanger Company – is an exchange-based token. Huobi is a Singapore-based crypto currency exchanger company founded in 2013 by former Oracle engineer Leon Lee in China.
Although the Huobi Foundation was established in China, it moved its headquarters to Singapore after expanding its ICO and crypto currency exchange ban in 2017 in china, and also expanded to South Korea and Japan.
Huobi Group has established service teams in Singapore, Japan, South Korea, UK, Australia, Canada, Brazil, and Hong Kong to provide secure and credible digital asset transactions and asset management services to millions of users in over 130 countries.
Huobi emphasizes the idea of ”empowering financial services and releasing global wealth” and “prioritizing users”, providing its users with secure, professional, reliable and quality services.
Huobi History | Huobi Global Review
- – September 2013: Huobi.so, Bitcoin’s instant trading platform, launched by Leon Lee in China.
- – November 2013: “ZhenFund” and “Angel Investment” invested in Huobi Group.
- – December 2013: Huobi with its cumulative turnover of over 30 billion Yuan (Chinese currency) became China’s largest digital asset trading platform.
- – April 2014: Sequoia Capital invested in Huobi.
- – August 2014: Huobi acquired “Quick Wallet” company – bitcoin wallet provider.
- – April 2015: Huobi sponsors the “Digital Asset Research Project” at the Wudaokou Financial Institute Internet Finance Lab owned by Tsinghua University.
- – July 2016: Huobi with the cumulative turnover of 1.7 trillion Yuan (more than 50% of the global bitcoin exchange market) becomes the largest digital asset exchange in the world.
- – December 2016: Huobi sponsors Shenzhen (Shenzhen) – Fintech’s first digital asset merger in China – and Fintech Research Institute.
- – November 2017: Huobi Global officially launches with a cumulative turnover of more than $ 4.6 billion in the first month.
- – January 2018: “Huobi Token” launches.
- – February 2018: Huobi Digital Auto Asset Exchange (HADAX) launches.
- – June 2018: Huobi Group announces the launch of the “Huobi Chain” project. Huobi Chain supports Forex trading, derivatives, and futures trading, which alone handles more than $ 550 million daily. With this new initiative, Huobi embarked on a new generation of a decentralized financial platform.
- – July 2018: “Huobi Cloud” is officially launched.
- – August 2018: Huobi acquires Pantronics Holding, a China-based blockchain electronics maker, and is listed on the Hong Kong Stock Exchange.
- – August 2018: Huobi Group’s cumulative turnover reaches over $ 1.2 trillion.
- – March 2019: The group launches “Huobi Prime”, a premium service that allows users to invest in the initial release of selected coins. TOP Network was the first project launched by Huobi Prime, and TOP token raised $ 3.4 million as the first token released by Huobi Prime in its initial offering, selling more than 1.5 billion tokens.
Huobi Token | Huobi Pro
Huobi’s proprietary crypto currency “Huobi Token, HT” was created in January 2018 to reward users of Huobi currency exchange by lowering exchange costs for using HT.
The token was distributed among “VIP Huobi” members in response to China’s ban on crypto currencies and the decline in business. ” Huobi token” is an exchange coin such as a Binance coin BNB, so it can be exchanged with any type of crypto currency in a hubby currency as well as franchised.
” Huobi Token” is an ERC-20 token in the Ethereum Blockchain that allows users to receive discounts on any Huobi currency exchange charges.
ERC20 is a standard protocol that defines specific rules and standards for creating tokens in the Ethereum network. In “ERC20”, ERC stands for Ethereum Request for Comments and 20 is a unique identification number to distinguish this standard from other standards.
ERC-20 tokens are designed and used only on the Ethereum platform. These tokens can be shared, exchanged with other tokens or transferred to a crypto graphic wallet by the standards they follow. The Ethereum community has created these standards with three optional laws and six mandatory laws.
Performance of the Huobi Token Market
The total supply of “Huobi Token” (HT) is 500,000,000 tokens and the circulating supply is 241,284,047 tokens. The price hike so far on June 6, 2018, was the US $ 6.10.
Initial HT distribution was from January to February 2018. At that time, 300,000,000 of HT’s total inventory was distributed to “Huobi VIP” customers.
Hubei modeled many of the features and benefits of Binance Token – BNB – in its token production. In addition to discounting Huobi transactions for payment with HT, it redeems Huobi HT, as does BN Binance.
HT ownership is the only way to vote for assets and put them on the Huobi list, so new projects have to spend significant amounts to get enough HT and keep themselves on the Huobi list. However, it is still possible, especially for well-funded blockchain projects.
Of the total HT supply, 200,000,000 tokens (40%) have been locked by the Huobi Freeze team. Half of this reserve (20%) is saved for user rewards and platform maintenance.
The remaining 100,000,000 tokens will be distributed among the Huobi team members after four years.
Huobi Token offers a 50% discount on transaction costs in exchange for membership fees. HT is periodically purchased and burned by Huobi.
Huobi is certainly the best place to buy and sell HT, but it is also traded on LBank, Bibox, Gate.io, and DDEX.
The most coins exchanged in Huobi with HT are Bitcoin, Bitcoin Cash, IAS, XRP, and Ethereum.
Since HT is an ERC-20 token in the Ethereum Blockchain, it can be stored in any wallet that supports ERC-20 tokens, including the “Ledger Nano S” and “MyEtherWallet”. Huobi’s official wallet supports a variety of crypto currencies, all ERC-20 tokens, and decentralized software and Tron tokens (TRC10 and TRC20).
– Supports over 400 crypto graphic markets.
– An easy-to-use interface for both novice and experienced traders
– It has native HT token which can be used to supplement transaction costs as well as increase Huobi’s overall liquidity.
– Fiat Exchange is available for Bitcoin, Ethereum and XRP.
– Tether is the only stable coin supported by Huobi.
– Limited business options, including the inability to trade through loans to support small businesses.
– While Huobi has been recognized as one of the world’s top 5 currency exchanges in terms of volume and credit, this image has been slightly tarnished by the global crypto currency exchange over-saturation options in 2019.
Huobi on the Road to Globalization | Huobi Global Exchange
Hubei is still moving from decentralized servers to decentralization. Similarly, Huobi quickly expanded to other Southeast Asian markets. An office has also recently opened in Russia.
Huobi Group is also looking to expand to the Middle East, Brazil, Vietnam, the UK, and European markets. The company’s plans to secure these development plans are to create local partnerships.
Hubei has a great track record of working with investment companies. The company worked with SBI Group for expansion in Japan and with the San Francisco-based HBUS Trading Platform for expansion in the United States.
Huobi also has several financial technology groups (fintech) in China working to implement blockchain and crypto currency solutions on the mainland.
As one of the most important crypto currency exchanges in terms of volume of transactions, Huobi continues to move on the path to success and is ready to tackle any problem that hackers or governments cause. More than a million users can’t be all wrong.
Huobi is a great place to exchange crypto currencies, but like all wallets and currency exchanges, you are responsible for your digital assets.
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