Huobi (HT)

Utility and Benefits

Huobi Token (HT) is the native token of Huobi. It is mainly used to lower trading fees on the Huobi exchange, giving holders discounts. Users can also earn VIP rewards and participate in special events. HT holders have voting rights to help decide on platform changes like new coin listings.

Trading and Payments

HT can be traded with other cryptocurrencies and used for payments within the Huobi ecosystem. It also serves as collateral for crypto loans, allowing users to borrow funds using HT.

Ecosystem and Governance

HT supports the Huobi Eco Chain, which hosts decentralized finance (DeFi) apps for lending, borrowing, and other financial services. Token holders can influence the platform’s development and governance through voting, helping shape the future of Huobi’s services.

Summary

Huobi’s token is designed to provide trading fee discounts, governance participation, loan collateral, and access to DeFi applications within the Huobi ecosystem.

Pros of Huobi

• Wide Range of Cryptocurrencies: Supports over 700 crypto assets and 300+ trading pairs, giving users many options.
• User-Friendly Platform: Offers a comprehensive trading platform with apps for PC, Android, and iOS, making trading accessible.
• Competitive Fees: Standard trading fee is 0.2%, with discounts up to 25% if paying with Huobi Token (HT) or based on trading volume.
• Advanced Trading Features: Includes margin trading, futures contracts (up to 200x leverage), and customizable trading bots.
• Fiat Support: Allows deposits via credit/debit cards and bank transfers in multiple local currencies.
• Strong Liquidity: Deep liquidity for popular spot and derivatives trading pairs.
• Security Measures: Uses cold storage for funds, two-factor authentication, and holds a large security reserve (20,000+ BTC) to cover user assets.
• Global Reach: Operates in over 160 countries with millions of users worldwide.
• Additional Services: Offers staking, crypto loans, yield products, and a variety of ways to earn passive income.

Cons of Huobi

• Verification Process: Can be time-consuming and requires identity verification for higher withdrawal limits and fiat transactions.
• Customer Support: Some users report slow response times and reliance on automated bots for initial support.
• Trading Fees: Fees are higher compared to some competitors like Binance, especially for high-frequency traders.
• Mobile Experience: While apps exist, some users find the mobile experience less smooth compared to other platforms.
• Regulatory Challenges: Has faced bans in some countries and lacks full regulatory licenses in certain regions, which may affect trust for some users.
• Complexity for Beginners: The wide range of products and features can be overwhelming for new crypto traders.

For more details, visit the official site: HTX (Huobi)

Founders of Huobi

• Leon Li (Li Lin): The main founder and former CEO of Huobi. He started the company in 2013 and played a key role in building it into one of the world's largest cryptocurrency exchanges. Leon Li is an alumnus of Tsinghua University and was previously a computer engineer at Oracle.

• Jun Du (Du Jun): Co-founder of Huobi, involved in the early development and growth of the platform alongside Leon Li.

Additional Notes

• Leon Li sold his entire stake in Huobi to a Hong Kong-based investment firm called About Capital in 2022.
• After the sale, Justin Sun (founder of Tron) became an advisor to Huobi, but Leon Li remains recognized as the original founder.

Key Investors in Huobi

• About Capital Management: A Hong Kong-based asset management company that acquired the majority stake in Huobi from founder Leon Li.
• Hongshan Capital Group: One of the known investors involved in Huobi.
• Node Capital: A venture capital firm that has invested in Huobi.
• ZhenFund: An early angel investor in Huobi, also known for supporting startups in the blockchain space.
• Huobi Capital: The investment arm of Huobi Group itself, focusing on blockchain and crypto asset investments.

These investors have contributed to Huobi's growth and global expansion over the years.

Halal Status of Huobi

• General Islamic Finance Principles: Halal investments must avoid interest (riba), excessive uncertainty (gharar), and gambling (maisir). They should be based on ethical business practices and ideally involve real assets or profit-sharing.

• Huobi Token (HT) and Ecosystem: Huobi Token is a utility and governance token used within Huobi’s platform for trading fee discounts, voting, and rewards. It is linked to proof-of-stake mining pool operations, which generally do not involve interest.

• Scholarly Opinions: There is no clear, universally accepted ruling specifically on Huobi or its token. Some Islamic scholars consider many cryptocurrencies halal if they comply with Shariah principles, while others remain cautious due to speculation and uncertainty.

• Conclusion:
  No definitive yes or no can be given without personal scholarly consultation. Huobi’s token and platform have features that could align with halal principles, but individual interpretation and guidance from a qualified Islamic scholar are recommended.