What Is Huobi BTC (HBTC)?

Huobi Global is a platform that has launched the H-token series, a suite of assets on Ethereum backed by cryptocurrencies from other blockchains. HBTC, the native token of Huobi BTC, can be described as an Ethereum-based token that can be 1:1 exchanged for BTC.

HBTC aims to be the bridge between centralized and decentralized finance and aims to ensure that users won’t mislay the value of BTC while enjoying the benefits of Ethereum. Today, around 5,000 HBTC have been minted, and these tokens enable users to access decentralized protocols such as Curve, Balancer, Uniswap, Nest, and ForTube in a seamless way.

H-token series issuance allows more users in the crypto world to benefit from DeFi, promote the growth of Ethereum-based assets, and accelerate the Ethereum DeFi ecosystem. To redeem the H-token, agencies must comply with the relevant laws and regulations applied to obtain independent chain and Ethereum addresses in the H-Tokens project.

Some of the features of H-tokens are outlined below:

• Open and Transparent - All exchange details are published on H-Tokens' official websites, wherein anyone can freely initiate an audit of H-Tokens.

• High-speed and low cost - H-Tokens as a lending and withdrawal channel offers transaction confirmation time to be reduced to five minutes or less, and the handling fee is also lowered.

• Multi-Agency Service - With multi-agency service, users can choose an agency to transfer their assets conveniently.

Suppose a situation wherein any agency needs to obtain HBTC. In that case, they need to transfer to the Bitcoin address of HBTC, and the HBTC asset management system notifies the transfer and automatically mints the same number of HBTC to the corresponding HBTC address. Also, when the agency needs to exchange HBTC for BTC, they only need to transfer to the Bitcoin address of HBTC. The HBTC asset management system notifies the transfer and automatically mint the same number HBTC to the corresponding HBTC address.

History of Huobi BTC (HBTC)

As per the whitepaper, HBTC was launched in February 2020.