Cryptocurrency exchange Huobi Global launches the H-token series on Ethereum

The last time we wrote about Huobi was back in December 2019 when the crypto exchange startup raised $4.6 million investment from Japanese Tokai Tokyo Financial Holdings to accelerate growth and expansion. With clients in more than 130 countries across the globe, the Huobi Group recently expanded into the public chain, digital assets trading and wallet, mining pool, proprietary investment, incubation, Digital Asset Research, and many more.

Today, Huobi Global announced the launch of H-token series – a suite of assets that are issued on Ethereum and backed by cryptocurrencies from other blockchains to bring more digital assets to the Ethereum DeFi ecosystem.

In February 2020, Huobi Global launched HBTC, an Ethereum-based token that can be 1:1 exchanged for BTC. A design like HBTC, which aims to be the bridge between the centralized and decentralized finance, ensures that users do not lose the value of BTC while enjoying the flexibility of Ethereum.

Today, approximately 5,000 HBTC has been minted, and these tokens enable users to seamlessly access decentralized protocols such as Uniswap, Curve, Balancer, Nest, and ForTube. In the near future, HBTC will also be used as DAI collateral on MakerDAO. HBTC’s growing use cases prove that its value has been recognized by the market.

At today’s launch, Huobi Global will provide three H-tokens, including DOT, LTC, and BCH. The combined market cap of these assets has approximated $1.1 billion and they are welcomed by crypto enthusiasts around the world.

The issuance of the H-series assets will allow more users in the crypto world to benefit from DeFi, accelerate the development of the Ethereum DeFi ecosystem, and promote the growth of Ethereum-based assets. As a bridge between centralization and decentralization, Huobi aims to make assets freer and allow hundreds of millions of people around the world to truly benefit from the development of DeFi.

“Huobi, as a bridge between the centralized and decentralized world, aims to liberate the wealth of the world. We hope to grow together with the Ethereum community, empower community projects, and actively embrace an open ecosystem,” said Huobi CIO and head of Huobi DeFi Labs Sharlyn Wu. “Huobi’s mission in DeFi is to provide the community with more high-quality assets, to make DeFi more inclusive, to make the global financial system better, and to realize the vision of enabling hundreds of millions of people around the world to truly benefit from the development of DeFi.” Huobi DeFi Labs is an incubator backed by Huobi to support the DeFi ecosystem.

Founded in 2013, Huobi Group is a global blockchain startup that provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. Huobi Japan is a centralized cryptocurrency exchange located in Japan. It currently has a 24-hour trading volume from 6 coins and 10 trading pairs. Huobi Japan has been licensed with the Financial Services Agency (FSA) since 2019.