The Commonwealth of Dominica’s government has given cryptocurrency exchange Huobi permission to launch the first national coin, DMC (Dominica Coin) and Dominica DID. Huobi enlisted the help of Tron Network and DMC Labs for the initiative.
It was announced in an official press release that the Dominica DID and DMC were both initially distributed on the Tron network. The BitTorrent Chain protocol will be updated to enable cross-chain communication with Ethereum, BSC, and other public chains.
After reaching a deal with the Dominican government, Tron is launching a national fan token to boost the country’s reputation as a tourist destination and preserve its cultural traditions.
Dominica Coin, issued to the TRC 20 standard, will be available for purchase on Huobi Prime. Dominica DIDs allow customers to verify their identities on the cryptocurrency market. To the extent that all applicable rules and regulations are met, an account verified with a Dominica DID enjoys the same interests and rights as an account confirmed with any other nationality.
A text of Huobi’s declaration said that “with the approval of the Dominica government, Huobi’s globalization strategy will set forth from the Caribbean region to cover Southeast Asia and Europe.” The exchange further added that 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.”
Huobi Maintains Presence In Crypto
Huobi is headquartered in the Seychelles Islands, although it also has offices in Hong Kong, South Korea, Japan, and the United States. Cryptocurrency exchange has recently claimed that merging with the Poloniex exchange is “categorically untrue”.
After Binance abruptly backed out of an agreement to acquire the Bahamian cryptocurrency exchange FTX, a number of participants in the cryptocurrency business have voiced their concerns about the state of the industry. Despite the concerns, a recent report shows that the exchange still maintains holdings in both its hot and cold reserves totaling an estimated $3.5 billion.
