Huobi Crypto Exchange Completes $20 Million HT Buyback and Airdrop Distributed
Huobi Reveals Details of its Recently Completed Huobi Token (HT) Buyback and Airdrop for Q3
Huobi Global, the parent company of Huobi cryptocurrency exchange has revealed specifics of its recently completed Huobi Token (HT) airdrop and buyback for Q3. The announcement showed that the company had purchased 12,520,200 HT, which is approximately $20 million.
The tokens, according to Huobi, will be distributed among HT holders on the company’s cryptocurrency exchange via airdrop. The details as revealed on twitter were as follows:
Huobi Token (HT) Buyback: As promised, Huobi Global will allocate 20% of its revenue to buyback an amount of HT. We are pleased to announce that the token buyback for Q3 2018 has been completed.
See more information here: https://t.co/QWprW4QQDU
— HuobiGlobal 🌏 (@HuobiGlobal) October 16, 2018
Airdrops to Be Based on HT Holdings From July 1 – September 30
The announcement went further to details that release of airdrops will be based on users’ HT holdings on every day from July 1 – September 30, which as per the company, will be proven by snapshots. In light of this, the pay-outs will correspond to the total holdings of HT by the users on each of the stipulated days.
Huobi expects to continue making payouts in three installments. The first started yesterday, October 16, 2018, with the other two being scheduled for November 15 and December 15 respectively.
Just like dividend programs and stock buybacks that are carried out in traditional equity markets, the company’s purchase of its native token will help boost the prices of Huobi, whilst further distributing among retail investors.
After the announcement, the price of the HT token increased to $1.79 and finally settled to $1.64. The exchange token, on the other hand, recorded a market cap of $81.8 million, making it the 7th largest, according to AltDex Exchange Token Index (ALTEXC).