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Simply Explained: Huobi Token (HT)

Huobi Token (HT) is the native token of the crypto exchange Huobi Global. It launched in January 2018.

Exchanges release tokens for many reasons, some functional, and some marketing. They serve many functions that can form a major part of the exchange’s success. They raise money, expand their reputation, and often provide some kind of utility to the users.

Like many other crypto exchange coins, HT offers tangible utility for its holders. HT incentivises users of the platform by reducing trading fees. It can also be used to purchase a special membership to provide even greater discounts. 

HT also acts as a governance token. Token holders vote on key decisions that determine the direction of the business. It also means holders have a level of influence over the platform, and therefore, over their investment. 

 

The founders

Leon Li is the founder and CEO of Huobi Group, the global digital asset financial services provider. Li began his career as a computer engineer. In 2013, he founded Huobi Group and transformed it into a leading global player in the provision of financial services in digital assets.

Jun Du is Huobi’s co-founder. Before Huobi, he was a community operations director at Comsenz and worked at Tencent.

 

What are the Tokenomics of HT?

Huobi Token (HT) has a limited total supply of 500 million.

300 million tokens were allocated to exchange users, and 200 million tokens are held in reserve by Huobi for platform operations, user rewards and incentives. For more on Tokenomics, check out our dedicated series here.

 

What’s going on with Huobi?

Rumours have been circulating that crypto exchange Huobi is insolvent. We’ll continue to monitor the situation. For now, it seems better to be safe than sorry and not touch Huobi. If you use Huobi, it is wise to withdraw assets until the controversy blows over. It may also be wise to uninstall the mobile app.

 

Let us know your thoughts below! And for Cryptonary’s transparent opinion on 90+ coins, check out our Cryptocurrency Rating Guide.

 

Disclaimer: THIS IS NOT FINANCIAL OR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make and only you are accountable for the results.

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