Deployed on the Ethereum blockchain network, Huobi BTC (HBTC) will launch on Huobi Korea at February 14, 2020, accompanied by opening of HBTC deposits and withdrawal services
1. HBTC Summary
Launched by Huobi Korea and deployed on the Ethereum network, Huobi BTC (HBTC)token aims to promote the growth of the decentralized marketplace by injecting Bitcoin (BTC), the largest and most liquid asset, into the decentralized finance (DeFi) eco-system. HBTC maintains a strict, asset-backed 1:1 peg to BTC. Every 1HBTC issued will be fully backed by the same BTC asset quantity to ensure users can perform a 1:1 exchange between HBTC and BTC at any time.
2. Key Features Of HBTC
(1) Pegged Value: BTC is strictly pegged to BTC, with a strict 1HBTC:1BTC exchange ratio.
(2) High Liquidity: BTC has the largest market capitalization across the cryptocurrency market and is the most well-known digital asset. As a token deployed on the Ethereum network, HBTC is anticipated to inject liquidity in the decentralized marketplace.
(3) Efficient Trading: Use of HBTC as a BTC on-chain asset transfer mechanism reduces the transaction confirmation period from 1hour to 5 minutes.
(4) Reduction in Trading Fees: Use of HBTC to effect on-chain BTC transfers between platforms incurs the same fee rates as other ERC20 tokens, which is relatively cheaper than BTC charges.
(5) Transparent & Verifiable: Users can verify HBTC assets on both the BTC and Ethereum side. Details of all asset transfers will be published on the official HBTC website. Users can freely verify chain HBTC assets online.
(6) Supports Distributed Services: HBTC supports distributed third-party agents exchange services. (Huobi Global being the foremost trading platform to support HBTC).
3. HBTC Exchange Services
Users can exchange HBTC for BTC and vice versa on Huobi and/or HBTC official website.
Converting to HBTC: Deposit BTC to HBG. On the withdrawal page, select option to withdraw to HBTC, or deposit BTC onto the HBTC official website to convert to HBTC.
Converting to BTC: Deposit HBTC to Huobi Global. On the withdrawal page, select option to withdraw to BTC, or deposit HBTC onto the HBTC official website to convert to BTC.
4. Relevant HBTC Links:
Official website: www.hbtc.finance
Contract Address: https://etherscan.io/address/0x0316EB71485b0Ab14103307bf65a021042c6d380
HBTC project team aims to integrate centralized markets with the DeFi marketplace via the injection of BTC liquidity to the Ethereum DeFi eco-system, increasing the efficiency of digital asset servicing, and thus reducing the cost of entry into DeFi. Huobi work towards development of HBTC via partner collaboration, to provide users with a better user experience.
February 14, 2020