Huobi to list Kyber Network Crystal

Kyber Network’s platform token — Kyber Network Crystal (KNC) — will be tradable on Huobi on November 1, 2017.

Founded in September 2013 and headquartered in Singapore, Huobi is a leading global blockchain integrated service provider. To date, Huobi has processed over 2 trillion Chinese yuan worth of transactions, and boast over a million users on the exchange. The company has operation centers across Asia-Pacific, Europe, and North America. Huobi is known for its platform security, strong marketing capabilities, as well as a leading figure on the technological front.

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With the listing of KNC on Huobi, members in the community will have an additional avenue to purchase or sell KNC tokens easily. “We are extremely pleased to be listed on Huobi. It adds credibility to our project, and it is also a recognition of our team’s potential and capability.” CEO of Kyber Network, Loi said.

KNC Utility

KNC tokens are required for reserves to participate in the network and to reward parties that direct traffic and multiply trading activities on the platform. Knowing the importance of partnerships to scale and improve platform adoption in the blockchain ecosystem, Kyber Network will collaborate with various organizations, including both software and hardware wallets, blockchain explorers, and on-chain smart contracts to direct users to the platform. As a reward for their efforts, these partners will be paid in KNC for every trade that they introduce to Kyber Network.

Before operating, Kyber Network reserves need to pre-purchase and store KNC tokens. In every trade, a small fraction (exact numbers are TBD) of the trade volume will be paid by the reserve to Kyber Network platform in KNC. This small fee represents the reserve’s payment to Kyber Network, in return for the right to operate and earn profits from trading activities in Kyber Network. The collected KNC tokens from the fees, after paying the supporting partners, will be burned, i.e. taken out of circulation and cease to exist forever. In order to determine the network fees, the conversion rate between KNC and ETH will be updated frequently to the Kyber contract by KNC operators, based on the trading rates on various exchanges.