Huobi BTC HBTCPrice $ 7,082

The Huobi BTC token was launched by Huobi Global in February 2020 and deployed on the Ethereum network. 

The Huobi BTC token aims to encourage the growth of the decentralized marketplace by making the use of Bitcoin easier in the decentralized finance (DeFi) eco-system. HBTC has a strict, asset-backed 1:1 peg to BTC. Every 1 HBTC issued is fully backed by the same amount of BTC. This ensures that users can execute an exact 1:1 exchange between HBTC and BTC at any time.

What are Huobi BTC’s key features and how does it work?

Huobi BTC’s key features include its high liquidity. BTC has the largest market capitalization across the entirety of 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, due to its connection with the top asset.

Also, the use of HBTC will increase the efficiency of trading. Since using HBTC as an Ethereum-based BTC on-chain asset transfer mechanism would reduce the transaction confirmation period from 1hour to around 5 minutes. 

Similarly, using HBTC reduces trading fees. Using HBTC to make on-chain BTC transfers between platforms would have the same fee rates as other ERC20 tokens, relatively cheaper than charges incurred on using BTC.

Additionally, users can verify HBTC assets on both the BTC and Ethereum sites. Details of all asset transfers will be published on the official HBTC website. Users can freely verify chain HBTC assets online.

What can Huobi BTC be used for?

HBTC enables users to seamlessly access decentralized protocols such as Uniswap, Curve, Harvest, C.R.E.A.M., BoringDAO, Nest, and ForTube. HBTC has a growing number of use cases since its inception, all of which prove that its value is being recognized by the market.

Where can you buy HBTC?

HBTC can be bought on the exchanges. Hotbit is the most popular trading platform to support HBTC.