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Huobi Token To be Released on Jan 23: “It is Not an ICO”

The cryptocurrency exchange Huobi has declared that the Huobi Token or known as HT will be issued on January 23. At 500 mil tokens the offering will capped, out of which 300 mil will be delivered to the investors.

Based on the Huobi press release – the offering is not of the Initial Coin Offering kind as only users who participating on a standard bases through the platform can receive HT.

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

The announcement has pointed also out that the firm will be putting around 20 percent of each year gain to a so-called buyback program to bring HT off the market. By structuring utilities on the network this way, the company will be able to collect fees in advance and maintain customer loyalty over the long haul.

“For example, if you purchase the 1,000 HT package, it will only cost USDT 990, and you will get 1,000 HT for free. HT can be used for offsetting the trading fees.”

This could mark the most recent attempt by the exchange to re-form the business model following up the Chinese regulations that have taking place towards ICOs and crypto-exchanges.