Exchange News

Huobi has launched a token sale platform where investors can sample pre-release altcoins

Earlier today Huobi Global, a major crypto exchange that is based in Singapore announced that it was launching a dedicated platform where investors will get the chance to sample pre-released altcoins. The new platform will go by the name Huobi Prime and will give participating investors earlier access to new altcoin tokens before they appear on major crypto exchanges.

However, the exchange will ensure proposed projects will be vetted thoroughly before the successful projects are offered to investors through three 30-minute flash sales. The new platform will cater to both large and small investors. But, individuals will have a $1,000 maximum investment cap.

Huobi Prime will launch next week

The cap will be enforced through the native Huobi Token (HT) that will act as the sole trading partner for the new altcoins that will be on offer.

According to Leon Li the CEO of Huobi, the exchange created the product due to customer demand. In the blog post he noted:

We’ve designed it from the ground up to be a more innovative, direct, and responsive way to access up and coming new tokens.”

The new project is set to be launched on March 26 and follows in the footsteps of Binance which earlier this year started a token sale platform that so far has successfully hosted the sale of Tron based BitTorrent token (BTT) and Fetch.AI a smart contract and AI company.

The decision to launch Huobi Prime comes at a time when the crypto exchange just made a few changes on the platform as executives seek to absorb the impact of the crypto bear market. Just a month ago Huobi restructured its eight-month-old Australian spin-off to reduce cost and also had to let some staff members go.

The prolonged crypto winter has seen other major companies within the space also cut their staff including the likes of ConsenSys, the Ethereum blockchain developer and crypto mining giant Bitmain.

What’s your take on Huobi Prime, a new platform that will give investors access to pre-release altcoins? Share your thoughts in the comment section below.

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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