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Huobi Token PNG Transparent Images

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Submitted by on Sep 3, 2021

Huobi, like OKEx and Bit-Z, is one of the major cryptocurrency exchanges in terms of transaction volume. It was designed with the Chinese market in mind, but it has now spread to over 130 nations.

It’s also one of the oldest, having been founded in 2013. Huobi Global, Huobi’s parent company, has offices in Japan, South Korea, the UK, Australia, Canada, Brazil, and Hong Kong.

Huobi Token (HT) is a cryptocurrency that Huobi launched in January 2018. It is one among the top 100 currencies by market capitalization according to Coin Market Cap.

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Before founding Huobi, Li worked as a computer engineer at Oracle and has a background in finance technology.

Huobi works in the same way as other cryptocurrency exchanges. The website earns money by charging a transaction fee to anyone who want to purchase and trade bitcoins.

The exchange’s concentration on stablecoins backed by the US Dollar is a relatively recent development. These are coins that are linked to the US Dollar’s value, making them less subject to market fluctuation. When one of four stablecoins (Paxos Standard, True USD, US Dollar Coin, and Gemini dollars) is deposited, it is instantly converted to Huobi’s HUSD. The person can then choose from any of those four currencies in a 1:1 ratio when withdrawing the currency. So you deposit one Gemini dollar, which is translated to one HUSD automatically. You might then withdraw one USD Coin when you withdraw it. The HUSD, according to Huobi, will eliminate the need to select between stablecoins and reduce conversion expenses.

Huobi Tokens (HT) were first released in 2018 with a 500 million supply. People who bought a “points card” on Huobi Pro received 300 million of them as a bonus. The remaining 100 million HT will be used for “user rewards and platform operation,” while the other 100 million will be used for “team incentives.” Huobi released the tokens as a means to recoup after a Chinese restriction on cryptocurrency trading caused trade volumes to fall. The tokens were designed to encourage platform loyalty.

HT may be purchased and traded on one of Huobi’s exchanges, and unlike many other cryptocurrencies, it is not mined.

The Huobi Token is the Huobi system’s fuel. It’s a popular technique for consumers to save money while trading on the Huobi platform. For example, on the Huobi Swap, there is a 0.2 percent fee when you exchange one currency for another. You will be charged a reduced fee if the money you are converting is the Huobi Token. This appeals to high-volume traders in particular.

Huobi also provides a tutorial on mining to Huobi Token holders, implying that they may periodically give out free tokens to those who are faithful Huobi Token keepers. People who own Huobi Tokens can also exercise voting rights, such as selecting the next token to be introduced to the exchange.

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