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Cryptocurrencies

Huobi

Huobi (HT)


HTX is a centralized cryptocurrency exchange platform that facilitates buying, selling, staking, and borrowing cryptocurrencies. Known as one of the top ten largest cryptocurrency exchanges globally by trading volume, HTX has developed into a comprehensive blockchain ecosystem.

Overview

Initially known as Huobi, HTX has expanded to include various services such as digital asset trading, financial derivatives, wallet services, research, investments, and incubation activities. The company emphasizes global expansion, technology-driven growth, and leveraging technology for widespread impact. With a strong presence in Asian markets, HTX relocated from China to the Republic of Seychelles due to regulatory developments. It also operates offices in South Korea, Japan, Hong Kong, and Singapore. In 2018, HTX opened a U.S. office, which was later closed.

huobi background
Ticker HT
Category Exchange-based Tokens
Website https://www.huobi.com/
Twitter @HuobiGlobal
Telegram huobiglobalofficial
Reddit https://www.reddit.com/r/huobi/
Contract Addresses
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History

2013

HTX was founded by Leon Li and Du Jun, both of whom brought significant experience in the tech and financial sectors. The company started as Huobi, acquiring the huobi.com domain in May 2013. It launched a simulation trading platform in August and began Bitcoin trading in September.

2014–2016

In 2014, HTX secured $10 million in funding from angel investors and Sequoia Capital, acquiring Quick Wallet that same year. By December 2013, it had become a leading digital asset platform in China, with trading volumes surpassing 30 billion yuan. By November 2016, its cumulative transaction volume reached 1.7 trillion yuan, marking significant global influence in Bitcoin trading.

2017

Faced with regulatory changes in China that banned Bitcoin exchanges and ICOs, HTX shifted focus to international markets. It expanded to South Korea in October 2017, establishing a headquarters in Seoul, with trading commencing in March 2018.

2018

HTX expanded to Singapore in November 2018, reporting substantial trading activity within the first month. It also opened an office in Tokyo and collaborated with the SBI Group to enhance cryptocurrency exchanges in Japan. In August, HTX acquired a majority stake in Pantronics Holdings, facilitating its public listing on the Hong Kong Stock Exchange.

2019

Although allegations of wash trading surfaced in 2019, HTX addressed these claims and implemented measures to ensure transparency, leading to a decline in reported trading volumes. The U.S. subsidiary, HBUS, concluded its operations by the end of the year.

2020–2021

HTX obtained a license in the U.S. through its subsidiary, HBIT, to conduct foreign exchange and money transfers. Regulatory developments led to the restriction of services in Singapore and the closure of its Beijing entity. By the end of 2021, HTX announced the termination of user accounts in mainland China.

2022–2023

HTX continued its global operations, rebranding in 2023 to support expansion and launching Shark Fin products on HTX Earn. Celebrating its 10th anniversary, HTX received recognition for its contributions to cryptocurrency trading.

2024

HTX introduced HTX DAO in January to foster community-driven initiatives. By mid-year, it integrated Fireblocks Off Exchange, enhancing security and operations. By July, HTX ranked among the top three global platforms for spot trading volume. In November, HTX announced the closure of the HECO Network, scheduled for January 15, 2025.

Technology

HTX Eco Chain

The HTX ECO Chain, or Heco, launched on December 21, 2020. Known for high performance and low fees, it uses the HPoS consensus mechanism and features the HT token. Heco is divided into four phases: Tinder, Spark, Flame, and Blaze.

November 2024 saw an announcement of the planned closure of the HECO Network, set for January 15, 2025. Designed for fast, low-cost DeFi transactions, users are encouraged to migrate tokens before this date.

HTX Mars Program

The HTX Mars Program is a series of space exploration campaigns. Its first phase offered a $6 million ticket for a space journey to Mars with Justin Sun, a member of the HTX Advisory Board, aboard Blue Origin’s New Shepard.

Tokenomics

HT (Huobi) Token

HT is the native token of HTX, built on the Ethereum blockchain with a total supply of 200 million tokens. It is utilized for various applications within the HTX ecosystem, offering benefits and rewards to HT holders.

Allocation

The total supply of 500,000,000 HT tokens is distributed as follows:

  • 60% for users purchasing the HTX pro Point package.
  • 20% reserved for user rewards and HTX Exchange operations.
  • 20% allocated to the development team over four years.

HTX Token

The HTX token supports the HTX DAO ecosystem, facilitating transactions, offering fee discounts, and enabling governance participation. Its distribution focuses on development, partnerships, and community programs.

Allocation

Distribution of the HTX token supports ecosystem growth:

  • 19% for Community Access Program
  • 10% for Developer Grants
  • 10% for Research and Development
  • 10% for Ecosystem Supporters
  • 15% for Partnerships and Collaboration
  • 17% for Platform Development

HUSD Stablecoin

HUSD is a fiat-collateralized stablecoin launched by HTX, issued as an ERC-20 token on Ethereum. Each HUSD is backed 1:1 by USD in Paxos-owned accounts. Initially launched in October 2018, HTX transitioned in July 2019 to a new ERC-20 version of HUSD, developed by Stable Universal and backed by Paxos.

Milestones

2013

HTX.com launched in September, securing investment from ZhenFund and Angel Investment in November. By December, it became China's largest digital asset platform with over 30 billion RMB in turnover.

2014

By April, HTX was the world's largest digital asset trading platform, with a cumulative turnover exceeding 120 billion RMB.

2015

In April, HTX sponsored the "Digital Asset Research Project" at the Internet Finance Laboratory of Tsinghua University's Wudaokou Finance Institute.

2016

By June, its turnover reached 1 trillion RMB. HTX Research published "Blockchain: Defining a New Financial and Economic Future" in July. By November, turnover was 1.7 trillion RMB, comprising over 50% of the global Bitcoin market.

2017

In July, turnover reached 4 trillion RMB. HTX initiated a global strategy in October, establishing HTX Korea and launching HTX Global in November. By December, turnover exceeded $850 billion USD.

2018

HTX Token launched in January. By April, cumulative turnover surpassed 1 trillion USD. HTX Cloud launched in July, and the acquisition of Pantronics Holdings in August led to 1.2 trillion USD in turnover.

2020

In September, HTX introduced crypto-saving products, offering annual yields for USDT and Bitcoin deposits.

2023

In August, HTX partnered with TradingView, allowing users to view real-time cryptocurrency prices and trade directly on HTX.