Crypto exchange Huobi has announced plans to launch the world’s first national token in honor of the Commonwealth of Dominica. In cooperation with the Tron Network blockchain and DMC Labs, and with the approval of the government of the island nation, the Dominica Coin (DMC) will be launched on the Tron network.
The Commonwealth of Dominica is an island state in the Lesser Antilles group in the Caribbean. The island covers an area of 751 sq. km, and has a population of around 75,000. The country’s official currency is the East Caribbean dollar, which is in circulation in eight of the nine countries in the Organization of Eastern Caribbean States (OECS).
The Huobi project will also include the launch of the Dominica DID. Both Dominica DID and DMC will initially be released on the Tron network, which has become Dominica’s national blockchain infrastructure. In the future, the developers plan to ensure the interaction of the DMC token with Ethereum, BSC and other networks through the BitTorrent Chain protocol.
The DMC will be released on Huobi Prime (an IEO platform). In addition, the exchange will conduct a DMC token airdrop (share) and enable the Dominica DID app for every registered user, the announcement read.
Users will be able to create with Dominica a DID on the Tron Soul-Bound Tokens network (an SBT or a non-transferable token is a type of NFT asset that is issued in a single copy and is tied to a specific blockchain address). In the Metaverse Dominica metaverse, SBT holders will be eligible for metaverse digital citizenship while also being able to claim government-issued Dominican passports that allow their holders to enjoy visa-free access to over 130 countries and regions around the world, including the EU, Switzerland, the UK, Singapore, Russia, Brazil and Hong Kong.
Just like the TRX and USDD tokens, DMC will have legal status in the Commonwealth of Dominica and will be able to be used as a means of payment in the country. In the Dominica Metaverse, it will be used as a native token.
Last week, the Tron crypto exchange, led by Justin Sun, announced a name change and is planning further expansion. The platform said that it intends to establish its presence in the Caribbean due to the favorable regulatory position and law for crypto platforms, as well as the widespread use of the English language in the region.