Important Notice
Deposits are not currently available for this coin.
Huobi BTC (HBTC) is a wrapped Bitcoin token issued on the Ethereum blockchain. It is an ERC-20 token that represents Bitcoin in a 1:1 ratio, providing users the advantages of both Bitcoin and Ethereum networks.
Huobi BTC operates on the Ethereum blockchain through smart contracts. Users send Bitcoin to a custodian who holds it in reserve. Once the transaction is verified, an equivalent amount of HBTC is minted and sent to the user's Ethereum address. This wrapped token can be used across Ethereum-based applications.
Potential use cases for Huobi BTC include:
Huobi BTC was launched on February 14, 2020, as part of efforts to expand Bitcoin's liquidity within the Ethereum DeFi ecosystem. The token was introduced by Huobi, initially a leading digital asset exchange founded in 2013. Despite not detailed specifically in the available search results, the launch of HBTC aligns with Huobi's broader history of innovation in bridging traditional financial markets with cryptocurrency spaces.