Huobi Token Surges After Crypto Exchange Discloses Airdrop of Dominica Coin

The deal is noteworthy partly because of its connections to crypto billionaire Justin Sun, founder of the Tron blockchain where the Caribbean island's new token will initially reside.

AccessTimeIconNov 29, 2022 at 7:49 p.m. UTC
Updated Nov 29, 2022 at 7:54 p.m. UTC

Huobi Global’s HT token jumped in digital-asset markets Tuesday after the cryptocurrency exchange said it would airdrop to users a new digital token to be issued by the Caribbean island of Dominica.

Huobi said the new “Dominica coin,” or DMC, will be issued “in due time” on Huobi Prime, the exchange’s exclusive token offering platform. Users can complete their identity verification on Huobi with Dominica digital identification documents, according to a statement.

The HT token is up 15% over the last 24 hours to $7.12. It’s up 40% over the past seven days.

The deal is noteworthy partly because of its connections to the crypto billionaire Justin Sun. The Dominica tokens are set to be launched on Sun’s Tron blockchain, and Sun recently acknowledged holding “tens of millions” of HT. Just last month, Huobi named Sun as the first member of a new global advisory board that is responsible for guiding the exchange’s strategic layout and development.

Sun tweeted Tuesday that the HT token would be the "only acceptable asset in the subscription of #DMC (Dominica Coin) and granted as the only token of accessing and using in the @HuobiGlobal ecosystem."


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.