Huobi BTC was introduced by Huobi Global in February 2020 and is issued on the Ethereum network. 

The Huobi BTC token is designed to support expansion of the decentralized marketplace by making Bitcoin easier to use within the decentralized finance (DeFi) ecosystem. HBTC follows a strict, asset-backed 1:1 peg to BTC. For every 1 HBTC created, an equivalent amount of BTC is fully held as backing. This setup lets users swap HBTC for BTC (and vice versa) on a precise 1:1 basis at any time.

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

Key features of Huobi BTC include its liquidity. BTC is the largest by market capitalization in the broader cryptocurrency market and is among the most recognized digital assets. Because HBTC is an Ethereum-based token, it is expected to bring additional liquidity to decentralized trading venues by leveraging its link to BTC.

It also helps make trading more efficient. When HBTC is used as an Ethereum-native on-chain BTC transfer tool, it can shorten the transaction confirmation time from 1hour to roughly 5 minutes. 

In the same way, HBTC can lower trading costs. Moving BTC on-chain between platforms with HBTC would use fee levels similar to other ERC20 tokens, which is generally cheaper than fees associated with using BTC directly.

Users can also verify HBTC holdings on both the BTC and Ethereum networks. Information about every HBTC transfer is published on the official HBTC website, allowing anyone to check chain-based HBTC assets online.

What can Huobi BTC be used for?

HBTC lets users access decentralized applications including Uniswap, Curve, Harvest, C.R.E.A.M., BoringDAO, Nest, and ForTube. Since launch, HBTC’s number of supported use cases has continued to rise, reflecting growing market recognition.

Where can you buy HBTC?

HBTC is available on exchanges. Hotbit is one of the most popular platforms offering HBTC trading.