Havven (HAV), a decentralized payment network and stablecoin system, today announced it will distribute 50 million HAVeos to HAVeth holders, valued at approximately $7 million, to support the launch of its token on the EOSIO platform.

The snapshots to determine HAVeth balances will occur on November 20, 2018, and December 20, 2018 (noon AEDT).

Havven provides decentralized and stable payment methods regardless of platform and will continue to operate on Ethereum as well as on EOSIO. The network is a dual coin system where HAV is the collateral token that backs the system’s stablecoin, nUSD. HAV holders play an integral role stabilizing the network.

To qualify for the HAVeos tokens, HAVeth holders will need to hold a minimum of 1000 HAVeth by the second snapshot. For distribution value, Havven will calculate wallet balances as the average holding between the two snapshots. Exchange wallets will not be accepted. Eligible participants will receive at least 50 percent of their HAVeth balance in HAVeos. All distributed HAVeos tokens will be escrowed for six months and vest monthly for the following six months.

HAV tokens can currently be traded on KuCoin against BTC, ETH, and USDT, and on Gate.io against ETH and USDT.

Havven also recently announced the upcoming launch of its novel multicurrency functionality, which includes the Euro (nEUR), Japanese Yen (nJPY), Korean Won (nKRW), the Australian Dollar (nAUD), and gold (nXAU).