Tuesday, March 26 will see customers of the cryptocurrency exchange Huobi experience a whole new way of getting their fingers around cryptocurrencies. Known as Huobi Prime, the system is a coin-launch platform that ensures all currencies purchased by Huobi users are immediately deposited into their accounts and tradable against the Huobi Token (HT) with minimal delays, according to a company press release.
Currencies offered through Huobi Prime can be traded against the Huobi Token, the platform’s official cryptocurrency. | Source: Shutterstock
Customers will also have access to coins at below-market prices, as well as new projects and currencies not yet listed on major exchanges. Huobi’s executive team works with the project leaders of every coin or token listed, forming close partnerships and determining fair market values for users. Executives have also implemented tiered price limits to relieve customers of extreme volatility.
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Speaking with CCN, Ross Zhang – head of marketing for Huobi Group – explains what inspired the new platform’s creation:
Low-quality coins and lack of access to ones with real potential are a perennial problem in the crypto space. While that is nothing new, I do think it’s taken on new importance in the ongoing bear market we find ourselves in. A lot of people in the space have been burned by coin projects that basically evaporated. As a result, I think the crypto investment and trading community is looking for something better when it comes to premium digital assets. This is the core problem we look to solve for people with Huobi Prime.
How the Process Works
Coins listed through Huobi Prime will go through a three-round offering process. While prices are ultimately capped, these caps may increase as time goes on. Thus, a coin may sell for 30 percent off during the starting round, while only experiencing a 20 or ten percent discount during the second and third rounds.
Cryptocurrencies that aren’t eligible to be traded through Huobi Prime can still be traded through Huobi Global. | Source: Shutterstock
The first coin set to launch on Huobi Prime will be TOP, the native token of the Top Network public blockchain project. Among the company’s primary focuses are IoT data-sharing, video messaging and communication services. Top Network is also developing a new PBFT-DPoS-based public blockchain that representatives say can process up to 1,000 transactions per second.
How Do I Get Involved?
In discussing why TOP was chosen, Zhang explains:
We were impressed by Top Network’s ambitious mission to become the primary public chain for dApps. It’s also the first true high-performance public chain with a userbase in the millions. Top Network’s strong founding team also set them apart. The project is headed by CEO Steve Wei, a founding employee at WebEx, and CMO Noah Wang, a Yale grad with a deep background in investment and accounting.
All coins listed on Huobi Prime must possess a progressive business model, a strong project team, financial backing and longstanding community support. They also cannot have been listed on a major exchange.
Traders interested in participating must open Huobi Global accounts and maintain average monthly holdings of roughly 500 Huobi Tokens prior to Prime’s launch. At press time, individual purchases made through Huobi Prime cannot exceed $1,000 USD in HT.