Huobi Partners With Tron to Launch First National Token in Dominica

In order to advance the global development of Web3 and the metaverse, Huobi has partnered with Tron Network and DMC Labs to jointly launch the world’s first national token, the Dominica Coin (DMC), under the authorization of the government of the Commonwealth of Dominica.

As the world’s first national token, the DMC is aimed at promoting the Caribbean country’s natural and cultural heritage. Dominica is home to many outstanding natural attractions, including the Morne Trois Pitons National Park, a UNESCO World Heritage Site. The legislation that made this token partnership possible is The Virtual Asset Business Act enacted by Dominican policymakers in June.

DMC is issued on the TRC 20 standard and will be expanded to the ERC 20 and BEP 20 standards. It will support cross-chain interaction with Ethereum and BNB Smart Chain through the BitTorrent Chain protocol.

Users can complete verification of their identity on Huobi with their Dominica DIDs, which can be transferred to the Tron network to generate Soul-Bound Tokens (SBTs). Moreover, in the Dominican metaverse, SBT holders are entitled to digital citizenship that is completely mapped from the real world.

Both Dominica DID and DMC were originally issued on the Tron Network. Later on, they will support cross-chain interaction with Ethereum, BSC, and other public chains via the BitTorrent Chain protocol. Tron Network is the country’s designated national blockchain infrastructure.

SEE ALSO: Huobi Launches Refreshed Brand, Unveils Post-Acquisition Global Expansion Roadmap

Justin Sun, the founder of Tronwho was appointed to Huobi’s board in October, previously said that the firm will move its headquarters to the Caribbean, working closely with Dominica to develop a cryptocurrency infrastructure. The region’s super-friendly stance towards crypto, common-law systems and English language adoption made these countries attractive bases, said Sun. Eventually, Huobi hopes to have up to 200 employees in the region.

Sign up today for 5 free articles monthly!