Huobi To Launch Own Token

New cryptocurrency will be called Huobi Token and be limited by 500M coins
23 January 2018   808

On January 23, Huobi Pro, the international division of the once popular Chinese exchange, will launch its own cryptocurrency.

The digital currency of the Singapore-based crypto-exchange will be called Huobi Token (HT). The coin issue will be strictly limited to 500 million ERC20 standard tokens. 300 million tokens (60% of the total number) will be distributed within 15 days within the framework of the special exchange loyalty system.

To obtain HT tokens, users will need to purchase the so-called Huobi Pro Exchange Point Package for USDT, BTC, BCH, ETH, LTC or ETC.

HT tokens can be used for various purposes. In particular, with their help, it is possible to reduce the amount of commissions by 50%. Huobi Tokens will also be available in trading pairs with Bitcoin, Ethereum and Tokenized US Dollar (USDT).

Each quarter, the Huobi Pro exchange will spend 20% of its profit on the buyback of HT tokens. The latter will be placed in the so-called "Huobi Investor Protection Fund".

Huobi to Acquire Public Firm for $70M

Company took another step forward to enter the stock exchange through a reverse takeover procedure
30 August 2018   407

Huobi Global Limited completed the acquisition of Hong Kong's Pantronics Holdings Limited and took a step closer to enter the stock exchange through a reverse takeover procedure. This is stated in the joint statement of enterprises.

It is reported that the Huobi acquired about 199 million shares of the company through subsidiaries of Huobi Capital and Huobi Universal.

So, at the moment Huobi owns 66.26% of Pantronics Holdings. The average price of the share in the transaction was HK $ 2.72 ($ 0.35), and the total value of the stake is about $ 70 million.

Note that earlier Huobi was going to take over most of the shares of Pantronics Holdings. It was assumed that the chairman of Huobi Group Li Lin will become the owner of 73.73% stake in Pantronics.

Reverse takeover procedure assumes that a non-public company acquires a public company and automatically enters the stock exchange.

Earlier, the bitcoin-exchange Huobi Global announced the launch of a new platform designed for automatic listing of tokens.