Huobi successfully burned 11.3 million Huobi Tokens worth more than $40 million as a part of the quarterly token burning scheme as we are about to read further in the Huobi News below.
The Singaporean exchange reports a very strong quarter of trading with continued growth across its spot and derivatives market. The latest Q3 burning of the total HT tokens burned to more than 30 million removing 13.8 percent of the circulating supply from the market. Many of the exchanges operate a buyback and burn system for their tokens and this is widely used in an attempt to drive demand by limiting the supply. For the preceding two quarters, Huobi successfully burned more tokens that its major competitor Binance.
In the Q2 this year, Huobi burned $53.6 million worth of HT compared to the $23.8 million BNB tokens. Now that the Q3 results are in, the crypto exchange Binance has narrowed the gap by burning $36.7 million in BNB but still over $3 million less than Huobi’s third-quarter buyback. In a press release accompanying the announcement, the CEO of Huobi Livio Weng stated:
“The continued growth from Huobi’s token burns reflects the community’s active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on.”
The success of the burn shows the solid three months of trading and Weng pointed to the platform’s newer offerings as being much stronger drivers of growth. Huobi has been very active in releasing new programs and services for users over 2019. The exchange launched its Initial Exchange Offering (IEO) platform starting with the sale of the TOP token. Since then, there were five more successful offerings in almost all of the months. The IEO has proven to be a surprise hit in the blockchain crowdfunding this year and Huobi made a very timely precise entrance to space.
Huobi also introduced a limited-time VIP fee structure named All-Stars designed to provide low trading fees to those who trade the most on the exchange. This comes in the meantime to the launch of a derivatives trading platform Huobi DM which is expected to make a boost in the industry.
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“The network would be tested in 54 cities across the country as well as Hong Kong and Singapore for projects such as smart city management,” Wenchao Shi, president of China Union pay said.The Huobi news also show that Huobi Global is meeting regulatory requirements and the exchange is on a good way to ramp up its user base and bring it to new heights.
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Huobi Joins Turkish Blockchain Platform To Boost Local Ecosystem
"We support BCTRs vision to secure Turkey's regional leadership in a decentralized system," he summarized.For those of you who haven't been following the blockchain news, it is important to note that Huobi's Turkey efforts began when the company announced the establishment of a local office at the Eurasian Blockchain Summit last October. This was the time when the crypto exchange brought a lot of experts to the event, signalling their desire to support Turkey's blockchain efforts. Gogus also told the media that they are looking forward to cooperating with the Blockchain Turkey Platform via Huobi University. Now that Huobi joins BCTR, we can go back to the exchange's statement at the event which read:
"Huobi supports the growth of crypto and blockchain ecosystems globally. Turkey has the potential to become a pioneer in blockchain technology, both regionally and globally. By joining The Blockchain Turkey Platform, which drives local efforts in a cross-industry approach, we aim to exchange our global expertise and knowledge with key local players to boost the blockchain ecosystem."BCTR is seen as a union which creates a multidisciplinary environment and enables key players from different industries to speed up the adoption of blockchain in the country.
Huobi Partners With UAE Real Estate Firm, Enabling Crypto Payments
“This partnership will provide our clients immense opportunity and the ease of investing in prime locations in the UAE. Cryptocurrencies are becoming an increasingly popular payment method all over the world, and this added choice will increase our property transactions and bring more value to the real estate market here.”There is still an update expected by the firm and its plans when it comes to tackling the volatility linked to crypto markets. What's certain is that Huobi is legally compliant and licensed by Dubai Multi Commodities Centre (DMCC), an infrastructure provider for expanding commodities trading in the country.
"If someone wants to buy property and use crypto as a payment currency, then we will help facilitate that transaction and sell their cryptocurrency and make the payment to fäm in fiat currency,” said Mohit Davar, the co-founder of Huobi's over-the-counter (OTC) trading tesk at DMCC.Davar continued, stating that the firm will provide fam Properties with liquidity and resources to facilitate virtual money payments for customers. According to reports, Huobi's OTC desk supports fiat currencies such as UAE dirhams, United States dollars, British pounds and Euros. Meanwhile, there has been a boom in the real estate market in UAE and more people are now embracing emerging technologies like blockchain and associated digital assets.
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