Leading cryptocurrency exchange Huobi has partnered with the Tron network and DMC Labs to launch its first national token, Dominica Coin (DMC).
Announcing the partnerships on Tuesday, the exchange noted that the upcoming product would be issued under the authorization of the government of the Commonwealth of Dominica.
Huobi Plans to Move to the Caribbean
The new development comes a few days after the exchange denied rumors that it plans to merge with another crypto firm Poloniex after selling a reasonable amount of its stake to the company in 2021.
The Asia-based exchange refuted the speculation as “categorically untrue,” noting that the company operates independently as separate entities. While addressing the rumors, Justin Sun, who recently purchased 100% stakes from the exchange, disclosed that the company is considering migrating to the Carribeans, with Dominica, Panama, and the Bahamas topping the lists.
With relocation plans in place, the exchange said that the launch of the DMC token is part of its effort to accelerate the global advancement of Web 3 and the Metaverse.
DMC to Support Tron Network Before Ethereum
DMC will initially support the Tron Network before expanding to protocols like the Ethereum blockchain, BNB Smart Chain, and other decentralized protocols through the cross-chain bridge BitTorrent Chain.
The Tron network is the designated national blockchain infrastructure of the Commonwealth of Dominica.
Huobi, alongside Tron and DMC Labs, also plans to roll out a virtual identity verification software known as the Dominica DID in the future to complement the first national token.
The digital identity software and DMC will serve as essential certificates for users to access the metaverse world without restrictions.
Huobi to Airdrop DMC Tokens for Verified Users
DMC will be made available to users through Huobi Prime. The exchange also plans to airdrop the tokens and activate the Dominica DID for users who have completed registrations on the platform.
The crypto exchange said it was determined to regain its position as one of the leading exchanges in the industry.
“With the approval of the Dominica government, Huobi’s globalization strategy will set forth from the Caribbean region to cover Southeast Asia and Europe. While paving the way for full compliance and healthy development for the industry, Huobi is determined to regain its position as one of the top cryptocurrency exchanges,” the trading platform said.
