One of China’s top 3 exchanges, Huobi, is launching a new Ethereum token. However, the token is not an ICO. The token is called Huobi Token and it is derived from the Ethereum blockchain. The tokens will be maxed out at 500 million. The token system Huobi is using for HT is blockchain management and launching. Around 300 million tokens will be on the market to investors for about 15 days, starting on February 1st. Another 100 million will be allocated for user rewards and platform applications. The last 100 million tokens will be allocated for employee incentives. The only way users can buy these tokens, is if they buy a “Point Package” through Huobi. The package is pre-paid through the Huobi Pro application. Users will have to use the dollar-pegged tether token. Therefore, HT is not an ICO. The HT will definitely prove to be beneficial for Huobi and its several exchanges around the world. Huobi has also announced that they will be buying their own tokens back from the market with 20 percent of its net income. They will then put these tokens as reserves to the Huobi Investor Protection Fund, which will make sure to cover losses for investors in case of a market crash or breach in the system. Huobi’s launch will only prove that the Chinese exchange is expanding their avenues and penetration into South Korean and Japanese markets in the future.
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