Huobi announced a collaboration with the Commonwealth of Dominica, TRON, and DMC Labs to launch Dominica’s national token, Dominica Coin (DMC), as well as Digital Identity (DID).
DMC holders will be granted Dominican digital citizenship. This is the first significant step in Huobi’s global development strategy since its rebranding, demonstrating the company’s ambition to become a major player in Web 3.0 and the metaverse.
💪@HuobiGlobal partnered with @trondao and DMC Labs to jointly launch the world’s first national token, #DMC (Dominica Coin).
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 29, 2022
🔥#Huobi also supports Dominica Digital ID for KYC verification. https://t.co/UFe6QEzIrr
Huobi will support Dominica DID for KYC verification, and the tokens will be issued via Huobi Prime, and the exchange will airdrop DMC and Dominica DIDs to all registered users.
Dominica DID and DMC were both initially issued by Tron Network.
“DMC is the world’s first national token, as well as a symbol displaying the embracement of countries to virtual assets and metaverse.” Huobi Global notes in its announcement. DMC is based on the TRC 20 standard and will be expanded to include the ERC 20 and BEP 20 standards in the future. The BitTorrent Chain protocol will support cross-chain interaction with Ethereum and the BNB Smart Chain.
DIDs can be transferred to TRON to generate Soul-Bound Tokens (SBTs), the holders of which will be entitled to “Citizenship of Dominica in the Metaverse” that is fully mapped from the real world. After paying a fee, holders can obtain a physical certificate issued by the Dominican government.
The primary applications of DID include KYC verification on major exchanges, opening bank accounts in Dominica, loan applications, and digital enterprise registration.
Users can complete identity verification on Huobi using their Dominica DIDs. On the basis of compliance with laws and regulations, a Dominica DID-verified account has the same rights and interests as an account verified by any other nationality.
H.E. Justin Sun, TRON Founder and Huobi’s global advisory board member attended Huobi’s rebranding launch event in Singapore on November 22, 2022. Sun stated that Huobi would work with its peers to promote the application and compliance of crypto technology in key regions of the world.
Huobi’s globalisation strategy will expand from the Caribbean to Southeast Asia and Europe with the approval of the Dominican government.
