Cryptocurrency exchange Huobi announced today the launch of the first national token, Dominica Coin (DMC), issued under the authorisation of the government of the Commonwealth of Dominica.

According to the official announcement, the token launch was a combined effort of the exchange alongside two other partners, Tron Network and DMC Labs. The token will be hosted on the Tron protocol, the approved blockchain infrastructure of the country.

The Asia-based exchange disclosed that the latest development is part of its efforts to promote the development of Web3 technology and the Metaverse as it plans to move to the Caribbean region.

DMC to Support Other Blockchains

Although DMC will initially only support TRC-20 smart contracts, Huobi said the tokens would expand across other decentralised protocols, such as the Ethereum blockchain and the BNB Smart Chain. It will also allow interaction between chains through the BitTorrent bridge.

In addition to DMC, the exchange, alongside its partners, plans to launch a virtual verification software known as Dominica DID. Both DMC and Dominica DIDs will be recognised as essential credentials for users to access the future world of the Metaverse.

The new development aligns with the strategies put forward by Tron’s founder Justin Sun at the just concluded Huobi’s rebranding launch event held in Singapore to accelerate the company’s growth.

Sun, also a member of the Huobi global advisory board member, outlined three steps the exchange would use to regain its position in the industry: promoting digital assets in key regions of the world, globalisation, and tech-driven development.

Huobi to Airdrop DMC to Customers

With the DMC token registered under the Dominica government, the company noted that its globalisation strategy would begin in the Caribbean region to cover Southeast Asia and Europe.

The digital asset will also serve as a means for payment in the region, just like other approved tokens like TRX, and USDD, which have been granted statutory status in Dominica.

DMC will be sold to users through Huobi Prime. The exchange said it would airdrop the new token to verified users. Holders can use the token to unlock various benefits, including securing passports from the Dominican government.

“DMC holders can obtain passports issued by the Government of Dominica, which allows holders to enjoy visa-free access in over 130 countries and regions worldwide, including the EU, Switzerland, the UK, Singapore, Russia, Brazil, Hong Kong, etc,” the company said.（By Wiliam A. Frederick）