Huobi Token (HT) is a cryptocurrency introduced by Huobi, the third-largest cryptocurrency exchange in the world. It serves as a loyalty rewards system for Huobi exchange users and also holds intrinsic value in tradable pairs against popular currencies. HT aims to provide greater value and benefits to the millions of users of Huobi, especially in Asian countries. The launch of HT follows the successful model of other loyalty-building tokens such as Binance Coin (BNB).
Huobi Token (HT) is built on the Ethereum platform (asset_platform_id: Ethereum) and has a market capitalization rank of 94. Its current ranking reflects its growing popularity and adoption in the cryptocurrency market.
Huobi conducted a token distribution scheme, which was not considered an Initial Coin Offering (ICO), to distribute HT tokens to its pro users. The distribution started on January 24, 2018, and concluded on February 7, 2018. During this period, pro users who purchased discounted service packages received HT tokens as part of their package. The distribution was on a first come, first served basis.
Huobi Token was launched as part of Huobi's strategy to recover its user base after severe cryptocurrency trading restrictions were imposed in China. The exchange's founder, Leon Li, revealed that the trading volume on Huobi decreased by 95% between September 15 and November 1, 2017, due to Chinese rule changes.
Huobi Token follows the footsteps of other cryptocurrency exchanges like Binance (BNB), Bibox (BIX), KuCoin (KCS), and Coss (COSS) that have introduced their own tokens. These tokens have successfully created loyalty and added value to their respective exchanges.