Under draft plans, retail users could enjoy up to 65% off trading fees and institutional users could enjoy maker and taker fees as low as 0.0098% and 0.0195%.
SINGAPORE, June 20, 2019 /PRNewswire/ -- With the markets heating up, Huobi Global is making moves. The cryptocurrency giant has announced a series of tiered trading fee discounts aimed at both institutional and retail Huobi Token (HT) holders.
"As we emerge from crypto winter, we feel this is the right time for this change," said Livio Weng, CEO of Huobi Global. "In addition to helping to further promote and develop HT, our native token, we believe it will have a range of other benefits as well." For example; prior to the shift, trading fee discounts at Huobi were primarily available via Huobi Point Cards. "Our point card system has been popular in Asia but, as we've continued our expansion to a global marketplace, we've found it to be overly complicated for global users' tastes. This allows us to better be where are our users are," Weng added.
While the final rates have not yet been set, retail users could enjoy discounts of up to 65% off and high volume professional and institutional users could benefit from maker and taker fees as low as 0.0098% and 0.0195%, respectively.
Discounts are to be based on both trading volume and HT holdings.
"We'll be gathering input from our users for the next week or so before finalizing things," Weng said. Users and potential users are strongly encouraged to send us their feedback via firstname.lastname@example.org.
Opening A Door To The Institutional World:
The transition to HT-based trading fees are, in part, the latest step in a concerted effort to adapt to the needs of a growing part of Huobi's userbase; international institutional traders, many of them from more established financial markets.
Huobi has placed a high priority on HT's development over the past six months.
Over next 12 months, Huobi will release a range of other measures aimed at opening the doors of cryptocurrency to institutional traders, including better API functionality and more institutional-friendly products and services.
The shift to HT-based trading discounts will be implemented first for coin-to-coin trading on Huobi Global. Huobi DM and Huobi OTC will follow soon.
Huobi has focused on the development of Huobi Token over the past six months. By design, Huobi's native token plays an integral role in both Huobi Prime and Huobi FastTrack, respectively Huobi's innovative new launch platform for emerging premium coins and the exchange's streamlined coin listing system. In both cases, participants must hold HT for set periods of time before a launch and use HT to purchase the launched or listed token. In the case of FastTrack, all HT expended for listing tokens is also burned. In addition, as Q1 of this year, 20% of the revenue garnered from both Huobi Global and Huobi DM is used to buy back and burn HT. As of 3:50 pm (GMT + 8) Thursday, June 20, the price of HT stood at 3.72 USDT, up from 1.07 USDT at the beginning of January – an increase of 247%.
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About Huobi Group: Consisting of ten upstream and downstream enterprises, Huobi Group is the world's leading blockchain company. Established in 2013, Huobi Group's accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. Find us at hbg.com
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SOURCE Huobi Global