Going strictly by the numbers, Huobi bought back 116% more tokens in Q1 versus Q2 this year. In terms of actual funds spent on the buyback, Q2 represented a 232% increase over Q1.
SINGAPORE, JULY 15, 2019 — An increasingly strong array of products and services and a strengthening digital assets market has led the way for a huge jump in token buybacks for Huobi quarter-on-quarter. Using 20% of the revenue from both Huobi Global’s spot market and Huobi DM, its innovative digital asset contract trading service, Huobi recently bought back and burned 14,011,700 Huobi Token (HT) from holders on the secondary market for Q2, 2019, a 116.4% jump from the 6,474,800 HT bought back in Q1. Accounting for an overall rise in value of HT, this equates to a purchase worth the equivalent of 53,664,900 USDT for Q2 versus a purchase worth the equivalent of 16,141,700 USDT in Q1. In terms of actual funds spent on the buyback, Q2 represented a 232% increase over Q1.
“There are two big trends reflecting the size of this quarter’s buyback,” said Leon Li, CEO and Founder of Huobi Group. “The first is a rapidly strengthening market for digital assets and the other is the increasing popularity of our entire product line.”
Taking the extended bearish conditions of 2018 as an opportunity streamline and improve its products and services, Huobi introduced a number of new offerings since the start of the year. These include the innovative Huobi Prime and Huobi FastTrack programs, tiered trading fee discounts for HT holders, and ongoing improvements and upgrades to Huobi DM, which recently exceeded $504 billion in cumulative trading volume.
“The rest of 2019 will see even more improvements and innovations coming from Huobi,” said Li. “Expect to see further developments on Huobi Finance Chain, our innovative DeFi (decentralized finance)-focused public chain project, further improvement of our API functionality for high frequency algorithmic traders, and more.”
Li also addressed a recent debate in the crypto community on where the tokens for exchange buybacks should come from. “One of our main competitors recently switched over to drawing 100% of their bought back tokens from team holdings,” he said. “We have no plans to make equally radical changes but we are considering a more balanced shift – say one third of the tokens from team holdings and the rest from the open market. No final decision has been made yet, however. We’ll be discussing this more with our community.”
Additional comments from Livio Weng, CEO of Huobi Global:
More info on Q2 HT Buyback: http://bit.ly/2JC9Vdn
About Huobi Group:
Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established in 2013, Huobi Group’s accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient digital asset trading and management services to millions of users in 130+ countries. For more info, visit www.hbg.com