What is Huobi BTC (HBTC)?

What Is Huobi BTC (HBTC)?

HBTC is an ERC-20 token created by Huobi Global in February 2020 to bring liquidity of BTC to decentralized apps (dApps) based on Ethereum. The token is deployed on the Ethereum blockchain and is pegged to BTC on a 1:1 ratio. This ensures that the value of HBTC is the same as that of BTC and it can be used in the Ethereum DeFi ecosystem to gain utility.

Huobi Global is a cryptocurrency exchange that was founded in China in 2013 and is currently based in Seychelles. The exchange provides a vast array of cryptocurrencies and trading pairs to its users. Huobi Token (HT) is the exchange's native cryptocurrency. Moreover, Huobi has set up a $100 million venture fund.

Who Are the Founders of Huobi BTC?

The CEO of Huobi Global is Leon Li, who founded the cryptocurrency exchange in 2013. Li graduated from Tsinghua University and previously worked as a computer engineer at Oracle Corporation. Huobi Global is headquartered in the Republic of Seychelles, while its subsidiary, Huobi Asia, is currently based in Singapore with plans to relocate to Hong Kong.

What Makes Huobi BTC (HBTC) Unique?

Users can utilize HBTC as a bridge between Bitcoin and the Ethereum ecosystem, which enables access to decentralized finance protocols such as Uniswap, Curve, or Balancer. In addition, HBTC offers a higher transaction speed and lower handling fees, with negligible service fees due to two-way exchange support. All transaction details are publicly available, and users can check the number of issued tokens in reserve pools. To mint and burn Huobi BTC, users can choose a profitable channel utilizing HBTC's multi-channel system. HBTC tokens are fully redeemable thanks to the 100% reserve.

How Is the Huobi BTC Network Secured?

HBTC, or Huobi BTC, is an ERC-20 token that operates on Ethereum's blockchain. This token is secured by a Proof-of-Stake (PoS) consensus mechanism, which is an energy-efficient algorithm that uses randomly selected validators to confirm transactions and add new blocks to the blockchain.

How Many Huobi BTC (HBTC) Coins Are There in Circulation?

The Ethereum-based, ERC-20 standard token, Huobi BTC, is supported by BTC in a 1:1 ratio. The number of tokens in circulation is directly related to the quantity of Bitcoin reserves and HBTC minted. Currently, there are 8,969 HBTC tokens in circulation, as of the time of writing.