KuCoin and Huobi launch programs to block their tokens for users

This Monday KuCoin Cryptocurrency Exchange announced the launch of its KCS token ecosystem development program. The program will start on August 1 and, according to the stock exchange's statement, will allow users to get from 35% to 50% of the profit on the blocked KCS.

Token holders are offered to block from 200 to 10,000 KCS for 90 days. The rate of return will depend on the date when the user decides to block. In case of premature unlocking of tokens by the user, a commission of 10% of the deposited funds and all potential profit will be deducted from it.

KuCoin, for its part, will destroy an equivalent number of KCS. The burning of tokens will take place in December 2019.

In addition, the exchange is obliged to buy out the tokens deposited from the program participants by 10% below the market value fixed on the day of their blocking, after returning to the owners' accounts.

KCS is up 10% on this announcement.

Last week, KuCoin announced the launch of the KuCoin Selection program and listed the first project to participate in it, Blockcloud.

UPD: Also, the Huobi Global exchange reported today about the launch of a similar program. In this case, users are offered to block HT tokens for 7, 30, 60 or 90 days. The minimum amount for participation in the program is 100 HT.

Participants will be paid their own Huobi Pool HPT tokens. In addition, users with more than 1,000 HT account balances will be able to receive awards in cryptocurrencies through the DPOS consensus mechanism: EOS, TRX, CMT, ONG, IOST, ATOM, IRIS and LAMB.