HempCoin (THC), one of many first 30 cryptocurrencies ever created, has been relisted by cryptocurrency alternate Bittrex. Earlier than being delis
HempCoin (THC), one of many first 30 cryptocurrencies ever created, has been relisted by cryptocurrency alternate Bittrex. Earlier than being delisted in 2019, HempCoin was a top-100 token on CoinMarketCap, buying and selling over $10 million a day.
HempCoin founder and CEO Tim Renzetti spoke to Cointelegraph concerning the coin’s rejuvenation and his plans for future growth of the platform.
Renzetti first found crypto in 2013 and began the HempCoin blockchain as a neighborhood venture in December of that yr. This preempted the farm invoice of 2018, which paved the way in which for the legalization of hashish in america. He stated:
“My preliminary thought on crypto was that finally industries and divisions of the economic system would every gravitate in direction of one specific crypto. This might assist keep the worth inside every as, for instance, if the oil trade collapses then the agriculture trade wouldn’t. I needed HempCoin to be the Agriculture Coin, representing a 2 trillion greenback trade worldwide.”
Bittrex picked up HempCoin and listed THC on its alternate in March 2014. Nevertheless, by the tip of 2014 Renzetti had moved on to different non-crypto-related enterprise ventures, within the perception that the venture and neighborhood would tick alongside properly with out him.
He revisited the venture in early 2017, when curiosity in all issues crypto was beginning to explode, and put collectively a route and future plan that the neighborhood might work with.
In the course of the crypto-boom of 2017, HempCoin soared in worth, aided by an enhanced social media presence. It broke into the top-100 cash on CMC, hitting a peak market cap of $170 million in January 2018 and buying and selling over $10 million per day on Bittrex.
Renzetti had large concepts to develop HempCoin by including a seed-to-sale provide chain traceability platform referred to as HempTRAC. This might have been aimed not simply on the hashish trade, however encompassing the entire of the agriculture and farming sector, he says:
“In 2018 I needed to vary our know-how to have a knowledge platform on the THC blockchain and introduced on a venture supervisor to assist facilitate this modification. As a result of I’m not a coder and didn’t have a dev group I looked for groups that provided this resolution.”
He settled on Komodo for its technical capabilities and safety, and made agreements with Komodo and Bittrex to facilitate the change. Komodo was to create the brand new THC know-how, whereas Bittrex was emigrate the code and convert outdated THC for brand spanking new THC. On the time, over two-thirds of the full THC provide was held in clients wallets on the alternate.
“I paid each firms for the change and began the method,” stated Renzetti “Sadly it fell foul of Bittrex’s growing authorized and regulatory place. They introduced THC was to be delisted which rocked our neighborhood.”
Renzetti has spent the final yr making an attempt to get relisted on Bittrex, acknowledging that the most important alternate itemizing was all the time HempCoin’s greatest asset. In the meantime, Bittrex has been limiting the cash that it helps within the U.S. and shifting tokens to its Bittrex World platform.
As of July 2020, HempCoin had lastly been relisted with Bittrex World. Renzetti now hopes to develop or fund the completion of the HempTRAC platform.
“The HempTRAC platform will embody all sides of knowledge pertaining to the agriculture/farming trade worldwide. We’ve many farmers ready to make the most of our platform to make it simpler to handle the manufacturing provide chain.”