The cryptocurrency giant Huobi has announced a series of tiered trading fee discounts aimed at both institutional and retail Huobi Token (HT) holders. “As we emerge from crypto winter, we feel this is the right time for this change,” said Livio Weng, CEO of Huobi Global. “In addition to helping to further promote and develop HT, our native token, we believe it will have a range of other benefits as well.” For example; prior to the shift, trading fee discounts at Huobi were primarily available via Huobi Point Cards. “Our point card system has been popular in Asia but, as we’ve continued our expansion to a global marketplace, we’ve found it to be overly complicated for global users’ tastes. This allows us to better be where are our users are,” Weng added.
While the final rates have not yet been set, retail users could enjoy discounts of up to 65% off and high volume professional and institutional users could benefit from maker and taker fees as low as 0.0098% and 0.0195%, respectively. Discounts are to be based on both trading volume and HT holdings.
“We’ll be gathering input from our users for the next week or so before finalizing things,” Weng said. Users and potential users are strongly encouraged to send us their feedback via firstname.lastname@example.org.
The transition to HT-based trading fees are, in part, the latest step in a concerted effort to adapt to the needs of a growing part of Huobi’s userbase; international institutional traders, many of them from more established financial markets.
Over next 12 months, Huobi will release a range of other measures aimed at opening the doors of cryptocurrency to institutional traders, including better API functionality and more institutional-friendly products and services. The shift to HT-based trading discounts will be implemented first for coin-to-coin trading on Huobi Global. Huobi DM and Huobi OTC will follow soon.