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Cryptocurrencies

Huobi burns 14 mln Huobi Tokens

Tuesday 16 July 2019 | 12:35 PM CET

Houbi has taken steps to reduce the supply of the token that powers its decentralised platform, Huobi Token (HT), in a quarterly burning event.

The exchange stated that it removed 14,011,700 tokens from a 310,318,300 market supply, in a bit to improve market conditions and sales growth. The move aims to stabilise the currency’s price and create an incentive for users to hold the token by curbing inflation.

Since early 2018 when the Singapore-based exchange introduced Huobi Token, it has spent 20% of its quarterly revenues buying back outstanding tokens. Revenues fluctuate quarter to quarter, which means that Huobi does not always burn a consistent amount. The company suggested that this token burn cycle ‘will be the last time HT tokens will be destroyed using the traditional buyback method.’

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