Huobi Russia to relaunch proprietary exchange tokens HTR and extend the functionality

The Russian office of Huobi, one of the leading cryptocurrency exchanges, announced the re-issue of proprietary HTR tokens.  The update will start on Friday night and will last until 12.00 Moscow time, the local media outlet ForkLog reports.

Huobi Russia representatives explained that the re-issuance would not affect the exchange users in any way. The token holders will have the same balance on their accounts, while old tokens will be withdrawn from circulation and frozen for good.

The updated version will include the option to burn tokens, interaction with other contracts and airdrops functionality for large-scale marketing campaigns.

“The tokens in the amount of 37.5% of the total issuance will be placed for sale, while the rest will be frozen to form a part of blockchain-based insurance and investment fund,” Andrey Grachev, the head of Huobi Russia commented.

The users will be able to use HTR to pay for various services provided by the exchange, including listing fees, trading fee packages, consulting and marketing services. 

The base rate of the updated issuance is set at 1 HTR = 1 USDT as compared to 1 HTR = 0,65 USDT that took place in December 2018. HTR holders have a right to participate on ICOs (Initial Coin Offerings) listed on the platform and thus can have early access to issued tokens.