On November 29, Huobi made an announcement regarding a new collaboration with the Tron network, DMC Labs, and the Commonwealth of Dominica. The Dominican government has given its approval for Dominica Coin (DMC), the country’s official cryptocurrency, and Digital Identity (DID) to be issued by one of these three platforms.
Holders of the DMC will be eligible for Dominica’s digital citizenship. This is the first key step in Huobi’s plan of worldwide development after the company rebranded, and it demonstrates the company’s aspiration to become a prominent participant in the next stage of Web3 and the Metaverse.
Both DMC and DID are issued by a sovereign nation. They are built on the Tron network, which is the official national blockchain network of Dominica, and will be issued on Huobi Prime. To access the future world that will be the Metaverse, people will need key credentials such as the DID and the DMC.
Huobi Prime To Issue The DMC Tokens
DMC, which is a TRC-20 token and was authorized and issued by the government of Dominica, enables users to interact between chains using Ethereum and the BNB Smart Chain by way of the BTTC Bridge. The tokens will be distributed via Huobi Prime, and the platform will give away DMC and Dominica DIDs to any and all users who have successfully registered on the platform.
By utilizing their Dominica DID, users are able to successfully complete the KYC verification process or re-verify themselves. It is common knowledge that users who successfully pass verification using decentralized IDs are entitled to the same rights and responsibilities as residents of other countries.
In the meantime, DIDs may be transferred to Tron in order to generate Soul-Bound Tokens (SBTs). The holders of these tokens will be entitled to the “Citizenship of Dominica in the Metaverse,” which will be fully mapped from the status of a Dominican citizen in the actual world.
After paying the required fee, the holders will have the opportunity to obtain a physical certificate that was issued by the government of Dominica. The primary applications for DID include the verification of identity for KYC on major exchanges, the establishment of bank accounts in Dominica, loan applications, and the registration of digital businesses.
Huobi’s Globalization Strategy For Mainstreaming Crypto
Following the completion of its recent rebranding, Huobi has taken a significant step ahead with the introduction of DMC alongside Dominica. H.E. Justin Sun, the founder of Tron and member of Huobi’s global advisory board, as well as the Ambassador and Permanent Representative of Grenada to the WTO, was present at the premiere event for Huobi’s rebranding, which took place in Singapore on November 22, 2022.
Globalization, technology-driven development, and the application of technology for social benefit were the three primary methods that Justin Sun proposed for the further expansion of Huobi. He also stated that Huobi will help promote the adoption and adherence of crypto technology in important parts of the world and work alongside its counterparts to develop Web3.
With the agreement of the government of Dominica, Huobi’s globalization strategy will begin in the Caribbean region and then expand to include Southeast Asia and Europe. Huobi is committed to regaining its position as a leading cryptocurrency exchange while simultaneously paving the way for full compliance and healthy development for the crypto sector.
In addition, Huobi will be able to provide consumers all over the world with a Web3 gateway that is both safe and effective as a result of its cutting-edge technology as well as its influence in the industry. It is anticipated that crypto technology will act as the engine behind the emerging digital economy, which will ultimately benefit the general populace and lead to an improved quality of life.
Connecting The Crypto Industry With Sovereign Nations
The partnership between Dominica and Huobi constitutes a significant step toward the establishment of the Caribbean area as a worldwide crypto center. It will initiate a new pattern of collaboration between the cryptocurrency industry and sovereign nations. In fact, a multitude of the world’s most successful crypto companies has set up a presence in the Caribbean as a direct result of the region’s pro-cryptocurrency regulations.
For example, Huobi has announced that it intends to relocate its headquarters to a location in the Caribbean region. Despite this, the economies of the Caribbean, which are heavily reliant on international trade and tourism, have hit a brick wall. Dominica has taken the initiative to begin a journey of exploring the Metaverse and Web3, and they have been supported in this endeavor by top crypto platforms like Huobi and Tron.
Dominica will be able to transcend its geological limitations and fully participate in the globalization process if it constructs a digital state utilizing the technologies of the Metaverse and Web3. The nation was one of the first in the Caribbean to start the Citizenship by Investment Program, making it a leader in the region.
More than 130 nations and areas around the world, including Mainland China, Hong Kong Special Administrative Region (SAR), the European Union, Switzerland, the United Kingdom, and Singapore, do not require visas for citizens holding one of their passports. The country’s newfound commitment to openness and accessibility will be reflected in its decision to begin issuing DIDs.
Dominica will be in a better position to capitalize on the opportunities presented by the digital economy as a result of the substantial influence and massive user base that Huobi and Tron bring to the island nation. This action will also set the path for the future, bringing additional Caribbean nations into the Web3 era.
Huobi is the most popular crypto trading platform for virtual assets in the world. It was established in 2013 and has made a commitment to provide users with services that are safe, provided by trained professionals, and of high quality. The platform places a high focus on the users’ satisfaction.
Huobi has already developed its presence in over 160 countries and regions, and it provides its services to more than 50 million people. In an effort to construct a Web3 gateway together with the industry, Huobi relaunched its brand on November 22, 2022, and introduced three strategies: globalization, technology-driven growth, and technology for good.