Leading bitcoin and cryptocurrency exchange company, Huobi Global, today announced they will officially be launching their own Huobi Token (HT) on January 23rd, 8 PM GMT+8. Previously operating in China as one of its largest exchanges, Huobi has since moved most of its trading to huobi.pro, a Singapore company focusing on a wide range of blockchain assets.

HT will be strictly limited to a fixed total of 500-million tokens, never to be increased. 300-million tokens, 60% of the total, will be distributed over 15-days. HT is a point system running natively on the Ethereum blockchain with ERC 20.

HT can be used in various ways, of which, the most basic use of HT is for the discount on trading fees, of up to 50 percent.

HT is not an initial coin offering (ICO). Users can only get HT by purchasing a ‘Point Card’ on Huobi Pro. Point Card is Huobi’s pre-paid card for basic service charge. 1 point = 1 USDT.

Huobi Tokens (HT) can be exchanged to USDT, BTC, and ETH in Huobi Pro.

Each quarter, Huobi Pro will use 20% of its profits to buy back the Huobi Tokens in the open market. All the HT that bought back will be allocated to Huobi Investor Protection Fund (HIPF) in a certain proportion.