Huobi Global, an international digital asset exchange, has announced that it will be releasing three H-tokens: Polkadot (DOT), Litecoin (LTC), and Bitcoin Cash (BCH). These assets have a combined market capitalization of around $1.1 billion.
Huobi Introduces Ethereum Version of DOT, LTC, BCH
The H-token assets will be issued under Ethereum’s decentralized finance (DeFi) platform. This will allow the accelerated growth in the development and mainstream adoption of Ethereum-based assets.
Millions of crypto enthusiasts across the globe will benefit from the DeFi system and also enjoy utilizing DOT, LTC, and BCH, which have gained popularity in the cryptocurrency industry.
Huobi CIO and Huobi DeFi Labs Head Sharlyn Wu noted that:
Huobi’s mission in DeFi is to provide the community with more assets quality, to make DeFi more inclusive, and improve the global financial system.
Furthermore, Huobi aims to enable hundreds of millions of people around the world to truly benefit from the ongoing DeFi hype.
HBTC, An Ethereum-Based Bitcoin Token
Prior to the issuance of the H-token series, Huobi launched HBTC, an Ethereum-based token, that can be traded on 1:1 ratio for Bitcoin (BTC). The primary goal of the HBTC token is to ensure that users maintain the value of BTC while enjoying all features of the Ethereum platform.
Released in February this year, at the time of writing, around 5,000 HBTC tokens have been created for various use cases. To add on, the token allows its users to access decentralized protocols such as Uniswap, Curve, Balancer, Nest, and ForTube.
Huobi Global presents itself as a bridge between the centralized and decentralized world. Therefore, the exchange intends to grow together with the Ethereum community to empower community projects and actively embrace an open finance ecosystem.