Huobi set to release Huobi Prime - its take on a token launch platform

08 Mar, 2019
by Richard Allen
Exchange
Huobi set to release Huobi Prime - its take on a token launch platform

Major Singapore-based exchange Huobi has announced their own token launching platform dubbed Huobi Prime, which is set to launch later this month, 8BTC reports.

Huobi Prime is reportedly steering clear of an initial exchange offering (IEO), a new approach to raise funds that allow startups to launch a fundraising event by relying on an exchange (or multiple exchanges) to complete the campaign. The exchange made this decision despite the resounding success of Binance Launchpad’s IEO.

Huobi has confirmed the launch of the platform but stated that Huobi Prime isn’t like Binance Launchpad. Livio Weng Ziaoqi, Huobi CEO stated that Huobi Prime is a selective token listing channel based Huobi’s own cryptocurrency, Huobi Token (HT) rather than serving as a platform for crowdfunding. Weng added that “it will offer an innovative, rapid and compliant token listing service for high-quality crypto projects globally.”

Weng declined to give any further details, so its official launch date is unclear.

As the success of Binance Launchpad increased with its previous two token sales, BitTorrent (BTT) and Fetch.AI (FET), it’s likely that Huobi will be looking to repeat the success of Binance Launchpad. If this happens, Huobi Token will likely reach new highs as demand grows.

Read more: 3rd Binance Launchpad session: $CELR sale on March 19, token price set

At the time of writing, HT is up 4% in the last 24 hours, trading at $1.86.

Read more: Huobi adds support for XRP to its OTC trading desk

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