Huobi Pro Launches a 20,000 BTC Security Reserve to Boost User Confidence
(4 months ago)
SINGAPORE, Feb. 16; Last month, Huobi Global's platform, Huobi Pro, launched the Huobi User Protection Fund. 20pc of Huobi's income will be allocated to buybacks; all the bought-back HTs will be stored in the newly created Huobi User Protection Fund.
The decision gained wide support and positive response from users. Today, Huobi Pro officially launched another user protection initiative — Huobi Security Reserve, providing another level of asset protection to our global users.
Huobi Global User Protection Initiatives:
1) Huobi User Protection Fund - each season, Huobi Pro will buyback certain portion of HTs on the open market, using 20% of the transaction fees it collects during that period. The bought-back HTs will be used to protect users' interest and compensate for their losses in cases of emergency.
2) Huobi Security Reserve - There is a total amount of 20,000 BTC in this reserve. The reserve is owned by the Huobi Pro platform, stored in an independent address and used as an emergency fund during an unlikely security breach. For any losses that are resulted from security breaches, except for losses caused by users themselves, Huobi Pro will compensate in full.
Huobi Pro always takes users' protection as a priority and strictly separates users' digital assets in cold and hot wallets, storing most digital assets in multi-signature cold wallets.
In the past years, Huobi Pro had a sleek clean security record, however, rather than resting on its laurels, Huobi Pro deployed these protection measures with their users in mind, to further insure their users' hot wallets.
After years of rapid growth, the size of Huobi Pro's own assets is now bigger than that of the user's hot wallet assets combined. This enables Huobi Pro to provide assurance to users by promising to compensate in full for any losses resulted from security breaches, through the Huobi Security Reserve.