Benzinga - The trading volumes of the cryptocurrency HAI (CRYPTO: HAI) witnessed a significant increase on Wednesday, with a rise of 12%, pushing its total market valuation to $57 million.
What Happened: This rise occurred after Hacken, a company specializing in the security of blockchain platforms, announced its step towards integrating its business with its native cryptocurrency HAI.
Hacken said that it plans to tokenize its company equity, linking it directly to the HAI token. This will pave the way for HAI token holders, whether current or prospective, to trade their cryptocurrency assets for Hacken Equity Shares (HES).
A total of 10% of Hacken’s equity has been converted into tokenized shares on the Ethereum (CRYPTO: ETH) blockchain—translatable into 100 million HAI tokens. Each of these tokenized shares, or HES, is evaluated as equivalent to one million HAI.
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Why It Matters: The company also said that it intends to burn 87% of the HAI tokens procured during this process. Such a decision aligns with the company’s broader ambition to become a publicly traded entity.
Tokenization is the process of converting rights to an asset into a digital token on a blockchain. This allows the asset to be traded on a blockchain platform, providing greater liquidity and accessibility.
It can apply to various assets, such as real estate, company equity, or artwork, effectively opening up investment opportunities and simplifying transactions.
Price Action: At the time of writing, HAI was trading at $0.88, up 1.83% over the last 24 hours.
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