Crypto OG HempCoin Relisted by Bittrex After Year in the Wilderness

HempCoin (THC), considered one of the first 30 cryptocurrencies ever created, has been relisted by cryptocurrency change 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 about 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 group challenge in December of that yr. This preempted the farm invoice of 2018, which paved the manner for the legalization of hashish in the United States. He mentioned:

“My preliminary thought on crypto was that ultimately industries and divisions of the financial system would every gravitate in direction of one explicit crypto. This is able to assist keep the worth inside every as, for instance, if the oil trade collapses then the agriculture trade wouldn’t. I wished HempCoin to be the Agriculture Coin, representing a 2 trillion greenback trade worldwide.”

Bittrex picked up HempCoin and listed THC on its change in March 2014. Nevertheless, by the finish of 2014 Renzetti had moved on to different non-crypto-related enterprise ventures, in the perception that the challenge and group would tick alongside properly with out him.

He revisited the challenge in early 2017, when curiosity in all issues crypto was beginning to explode, and put collectively a course and future plan that the group may work with.

Throughout 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 is able to have been aimed not simply at the hashish trade, however encompassing the entire of the agriculture and farming sector, he says:

“In 2018 I wished to alter our expertise to have an information platform on the THC blockchain and introduced on a challenge supervisor to assist facilitate this alteration. As a result of I’m not a coder and didn’t have a dev workforce I looked for groups that supplied this answer.”

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 new THC expertise, whereas Bittrex was emigrate the code and convert outdated THC for brand new THC. At the time, over two-thirds of the whole THC provide was held in prospects wallets on the change.

“I paid each corporations for the change and began the course of,” mentioned Renzetti “Sadly it fell foul of Bittrex’s growing authorized and regulatory place. They introduced THC was to be delisted which rocked our group.”

Renzetti has spent the final yr attempting to get relisted on Bittrex, acknowledging that the main change itemizing was at all times HempCoin’s greatest asset. In the meantime, Bittrex has been limiting the cash that it helps in the U.S. and shifting tokens to its Bittrex International platform.

As of July 2020, HempCoin had lastly been relisted with Bittrex International. Renzetti now hopes to develop or fund the completion of the HempTRAC platform.

“The HempTRAC platform will embody all sides of information pertaining to the agriculture/farming trade worldwide. We’ve got many farmers ready to make the most of our platform to make it simpler to handle the manufacturing provide chain.”