HitBTC Launches Its Native Utility Token HIT

​HitBTC, a major cryptocurrency exchange, issued an official launch of its native utility token HIT, which, according to the company, will become the foundation of the HitBTC ecosystem. HIT will be used to provide incentives and rewards to the exchange traders and ecosystem contributors. The HIT holders will enjoy the benefits of the HitBTC ecosystem and technological platform including trading fees discounts, low commissions for HIT trading pairs, and other benefits associated with current and upcoming features.

As stated in the whitepaper issued by the company, HitBTC traders will be able to reduce their trading fees by up to 45% by holding a certain amount of HIT tokens on their accounts. And regardless of their trading volumes or held HIT tokens, HitBTC traders will be able to get low commissions for HIT trading pairs. As an ERC20 token, HIT comes with a maximum supply of 2,000,000,000 tokens. About its allocation, HitBTC stated: "30% (600M) of the total HIT tokens is sold publicly. There is no pre-sale of HIT to private investors. All 600M tokens is sold in open markets. 20% (400M) of the total HIT tokens is allocated for the founding team. 50% (1Bn) of the total HIT tokens is allocated for the development of the HitBTC ecosystem.” 

In addition, HitBTC will reduce the circulating supply of HIT on a monthly basis by purchasing back and burning a certain number of the token. The amount repurchased will be worth 20% and up of the exchange's monthly trading fees revenue, but not exceed 50% of the total emission. The token will be burned until only 1Bn tokens remain.

"We are eternally grateful for your trust in us over the last eight years. Our dedication, as in the past, is to continue to provide reliable and secure services that go above and beyond our clients'expectations. It is our pleasure to invite everyone to join us in creating an ever better exchange with the HIT token", said HitBTC in the recent announcement.