Cryptocurrency exchange Huobi Global is launching a new platform, which will provide a way for its users to access up and coming token sales, the company announced in a blog post on Wednesday.
The platform, called Huobi Prime, will be similar to the Binance Launchpad, as it will provide investors with the opportunity to access new altcoin tokens before they appear on major exchanges. It is designed not only for the well connected large investors, but also for the ordinary retail traders. Leon Li, founder and CEO of Huobi Group, said in the blog post:
Customer demand and user needs are at the forefront of everything we do here at Huobi. Huobi Prime is very much an extension of that. We’ve designed it from the ground up to be a more innovative, direct, and responsive way to access up and coming new tokens.
Projects that wish to use Huobi Prime will have to go through a vetting process, with the minimal requirements being, according to the blog post, a strong project team, progressive business model, impressive financial backing, support in the community, good reputation, and not being listed on major exchanges yet.
Successful applicants will have their tokens offered to investors in 3 flash sales of 30 minutes, with a maximum investment cap of $1,000. This cap will be applied in terms of the exchange’s native token, Huobi Token (HT), which will be the only trading partner for new token offerings.
According to the blog post, the first project to be offered at Huobi Prime will be the Top Network (TOP). The Silicon Valley-based startup is already offering secure and low-cost messaging, calling, and video sharing services, and is in the process of launching a PBFT-DPoS-based public blockchain capable of processing several thousand transactions per second. Ross Zhang, Head of Marketing for Huobi Group, commented:
While we had a number of really strong candidates for Huobi Prime’s inaugural launch, we were really impressed by TOP Network’s ambitious business model, as well as the fact that it will be the first true high performance public chain with a pre-existing userbase in the millions.