Huobi Token (HT): Price Updates, Recent Developments, Future Events, Community — DailyCoin


Following the crackdown on cryptocurrencies in China, Houbi has announced that it will be shutting down derivative trading for users on the Chinese mainland. Being one of Huobi’s largest markets, the crackdown has taken a toll on the crypto exchange.

On October 29, Huobi limited Chinese traders from derivative trading in order to remain compliant with local policies. In addition, Huobi will “retire user accounts over the next few months.” 

This crackdown has taken a toll on the Houbi Token. The weakening trading volume amongst leveraged products on Huobi has had a large impact on the Houbi Token. Huobi’s share of spot-market trading volumes has dropped to 16% from 24% in early 2021.

It’s not all bad news for Huobi, as the exchange seeks to explore other markets. On October 18, Huobi Japan received approval from Japan’s Financial Services Agency to register as a Type I Financial Instruments Business. Huobi becomes the seventh crypto exchange in Japan to receive this license.

Operating as a Type I Financial Instruments Business will enable Huobi Japan to engage in the trading, underwriting, and management of cryptocurrency derivatives. In addition, Huobi will also operate derivatives trading systems.

Huobi Japan currently offers spot trading for 14 cryptocurrencies, including Bitcoin, Ethereum, and the Huobi Token. Therefore, offering derivative trading could provide a major boost to Huobi’s weakening trading volumes.

In addition, the professional multi-chain light wallet of the Huobi ecosystem recently launched a feature that will allow users to access the growing decentralized finance (DeFi) ecosystem. The Huobi Wallet announced the launch of the Cloud Wallet on October 11.

The Huobi Cloud Wallet solved the complexity most traders face with managing a non-custodial wallet. According to Huobi Global, the Cloud Wallet will allow users to manage their digital assets without keeping a private key. 

Huobi’s third-party management system will keep the data of its users secure through key escrow. Thus, users can now hold their digital assets without needing to manage their private keys. In addition, Huobi’s strategic move into the growing DeFi ecosystem is expected to improve the performance of the exchange and its native token, HT.

Huobi Global has also launched an ad posting function on the Huobi app. Advertisers can now create peer-to-peer (P2P) advertisements directly on the app at any time with zero fees. Huobi Ad space could serve as a platform to onboard small business owners around the globe and gain experience with cryptos.

As with most exchange tokens, Huobi Global burns a portion of the Huobi Token (HT) in order to improve its price. On October 15, Huobi Global announced that it burned 3 million HT in September (approximately $38.9 million).

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