What is Cryptographic Asset (Virtual Currency) HuobiToken?! Intro to its Features and Prospects

“What kind of currency is Huobi Token?”

“What are the characteristics of Huobi Token?”

“The prospects of Huobi Token?”

You may be pondering the above questions?

Huobi Token is a token issued by “Huobi”, which is similar to what the world’s largest exchange “Binance” does.

Huobi Japan will launch in 2019, and some people may be interested in the Huobi Token.

In this article, we will explain in an easy-to-understand manner the outline and features of the cryptographic asset (virtual currency) Huobi Token.

 

What is Huobi Token?

Huobi Token is a unique token issued by Hong Kong-based crypto asset exchange “Huobi” on the Ethereum platform.

The maximum number of Huobi Tokens issued is 500 million, and they have announced they will buyback and burn 20% of profits every quarter. The purpose of burning is to reduce the amount of cryptographic assets available on the market increasing the value of each token.

In addition, there is also a system where the transaction fees are discounted by 50% if the transaction fees incurred when trading on Huobi are paid with the Huobi Token.

In terms of security, Huobi has not been hit by any hacking incidents since its establishment in 2013. The reason is that Huobi has more than 300 talented engineers from major companies. The risk is considered very low for HuobiToken being smashed by a hacking.

 

Characteristics of Huobi Token

nattanan23 / Pixabay

Huobi Token’s features of are the following three:

・ Transaction fees are discounted

・ Repurchase benefits of the Huobi Token

・ The right to vote for newly listed currencies

・ Note: Japanese residents cannot obtain Huobi Token

I will explain there points above in order.

 

Transaction fees are discounted

The transaction fees incurred when trading on Huobi Exchange can be paid using Huobi Tokens.

As a result, there is usually a transaction fee when using the Huobi Exchange, but you can receive a discount of up to 50% by paying with the Huobi Token.

However, in order to receive the Huobi Token discount, it is necessary to apply for a VIP service in advance, pay in advance, and purchase the tokens. Then you can become a Huobi VIP member.

The discount rates are as follows:

VIP1 120 HT 10%
VIP2 600 HT 20%
VIP3 1,200 HT 30%
VIP4 6,000 HT 40%
VIP5 12,000 HT 50%

In order to receive the 50% discount, the biggest discount rate, you have to buy 12,000 Huobi Tokens. If you are considering purchasing, it is better to purchase at the timing when the price of Huobi Token are as low as possible.

 

Buyback of the Huobi Token

The crypto asset Huobi Token is designed to be redeemed and burned by the Huobi Exchange on a quarterly basis for 20% of the exchange’s revenue.

By burning, the amount of cryptographic assets distributed to the market decreases, and the value per Huobi Token increases.

If you are considering purchasing a Huobi Token in the future, it is a good idea to pay attention to the price trends at the time of burning.

 

Right to vote for new listing currency

Huobi recruits using a survey of virtual currencies to be newly introduced, and decides the currencies to be listing according to the poll results of the holders of Huobi Token.  Therefore, users can take part in polls of new listings by holding the Huobi Token.

 

Japanese residents cannot obtain Huobi Tokens

The exchange that can purchase Huobi Token is “Huobi Global”, but Huobi Global has discontinued services for Japanese residents as of January 1, 2019.

Therefore, Japanese residents cannot purchase Huobi Token while in Japan.

 

Major Cryptographic Asset Exchanges that can buy and sell HuobiToken

Huobi Global

※ As of June 3, 2019, Japanese residents cannot register.

 

Official information of HuobiToken

Official Site

Official Twitter

Official Facebook

Official Instagram

Official Youtube

Official Medium

 

Summary

Huobi Token is a token issued by Huobi on the Ethereum platform.

・Up to 50% of commission discounts are available for payment of using Huobi Tokens.

・Huobi Token can only be purchased at Huobi Global.

・Japanese residents cannot register with Huobi Global.

We explained the features of Huobi Token and the Huobi Exchange, but could you relate with it?

Huobi Token is issued by one of the world’s largest exchanges, Huobi, and if the users of Huobi Exchange increase and attract attention, you can expect the price of Huobi Token to rise.