Huobi Token Leads Top 20 as Exchange Joins LG on Klaytn Council

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Jon Buck

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June 26, 2023

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Huobi token (HT), the native token of major crypto exchange Huobi, is the best performing top 20 coin today after the company announced it joined the governance council of Klaytn (KLAY) on Monday.

At pixel time (09:41 UTC), HT trades at c. 4.51 and is up by almost 8% in a day, increasing its weekly gains to 33%. The price is also up by 43% in a month and 341% in a year.

HT price chart:

As reported yesterday, Huobi joined the governance council of Klaytn, the Kakao Group’s (South Korean Internet giant) blockchain network. Huobi has been attempting to raise the profile of its Huobi Korea branch in recent months. Klaytn is now building up a collection of crypto exchange partners, including the likes of Binance and OKEx. Moreover, among the 28 members of the council are such companies as LG Electronics and Union Bank of the Philippines.

According to Sangmin Seo, the Head of Platform Group at Ground X, Kakao’s blockchain unit, Huobi will work with other Council members to jointly run and govern the Klaytn platform, “as well as create use cases that can foster the development of the global blockchain ecosystem.”

The news reveals a progression in the Huobi business model, as the firm seeks to connect to the broader blockchain community. Already hosting the KLAY token, Huobi now can have a greater influence on the development of this South Korean blockchain.

Klaytn’s mainnet went live on June 27th. At the time, Kakao said that its permissioned blockchain platform Klaytn is up to 15 times faster than Ethereum, which is a permissionless and more decentralized blockhain.