A green aracari bird, symbolical of Venezuela, the country whose citizens need Reserve's stablecoin most

Major cryptocurrency exchange Huobi Global has partnered with the Reserve Payments Project for their third launch on Huobi Prime. This time their launch platform for premium coins will list the Reserve Rights Token (RSR). Reserve Protocol’s native token will be launched by the end of May.

Huobi Global’s CEO Livio Weng showered Reserve with superlatives following their mutual work:

Reserve truly has it all; an outstanding founding team that includes former members of Google, Tesla, OpenAI, IBM,  MIRI, Impossible Foods, and The Jane Goodall Institute; backers like Peter Thiel, co-founder of PayPal, Sam Altman of YCombinator, Ran Neuner, and Mike Arrington of TechCrunch; and a truly innovative business model and mission.

The RSR token is created with the aim to support the position of the RSV token – Reserve’s USD-based stablecoin. Reserve’s mission is to help citizens of countries with unreliable banking infrastructures and high inflation rates by building a universal store of value that can also handle everyday payments and be easily transferred between countries.

This use case is one of the main reasons for Bitcoin’s early success, particularly its 2013 bubble during the Cyprus banking crisis in late 2012 – early 2013 which created immense interest in the first cryptocurrency, which prompted a price rise from single figure USD value to upwards of $200 at the time.

As Nevin Freeman, co-founder and CEO of Reserve, states: 

The world needs a stable, global, digital currency that gives people and businesses autonomy… Over 300 million people live in countries without stable currencies, resulting in dramatic losses of wealth and overall instability in these countries. 

The project is backed up by respectable investors from the blockchain space and Silicon Valley. The list of advisors includes former members of Kapital Trading, Clarium Capital and the Joint Economic Committee of the U.S. Congress.

All coins bought via Huobi Prime will be directly deposited into every user’s account and will be tradable on Huobi Global via the native Huobi Token (HT). As per usual, this is expected to increase the interest in the exchange token. Huobi Prime guarantees that only premium projects that are not to be found on other major exchanges will be included.

Similarly to previous successful IEOs on the platform, especially Newton Project, a tiered price limit structure will be used. This time, however, the minimum lowest daily holding required is 1000 HT. The full trading rules are available on Huobi Global’s website.

During Huobi Prime’s previous two launches they sold out 2 billion Project Newton’s native tokens (NEW) and 1.5 billion TOP tokens (the native coin of Top Network). Both were a showcase of impressive IEO returns – upwards of 500% profitability within an hour. Whether their third IEO will make investors equally happy remains to be seen on May 22.