Welcome to our Huobi news page. Here you'll find some of our featured Huobi cryptocurrency content pieces as well as all our latest Huobi Prime platform posts.
Huobi Prime Sells TOP Coins in Just 7 Seconds, but Users Complain About the Service
The cryptocurrency exchange Huobi Global has recently launched the first token on is Huobi Prime platform. Although the service was expected to be offering a better service than the one offered by Binance Launchpad, the sale ended in just 7 seconds and several users and investors are not happy with it.
Huobi Prime Not As Reliable as Expected
A few months ago, the cryptocurrency exchange Binance released the so-called Binance Launchpad. With it, users and investors were able to purchase Initial Coin Offering (ICO) tokens in a fast and easy way with Binance Coin (BNB) and eventually other digital assets. Although the platform was very successful, users complained that they were not able to purchase the tokens.
Huobi Global decided to follow Binance’s steps and launch its own platform for ICO projects. The firm announced that they were releasing to the market Huobi Prime and that they will be allowing users to purchase tokens from ICOs with the Huobi Token (HT).
The first digital asset to be launched through Huobi Prime was TOP Network. However, the tokens were sold out in just seven seconds, as Huobi explained.
Although the exchange seems to be very excited about it, users are very disappointed about this.
The first round of TOP ended up in just 7 seconds and users were not even able to get some of these coins for a maximum price of $0.00177 during the first round, $0.00213 in the second round and $0.00255 in the last and third round.
One of the users said that he came to the conclusion that all the current platforms for launching tokens are specifically designed for whales or crypto insiders. Indeed, there were some reports that users working for these exchanges could be the privileged investors having early access to these tokens.
During the last few days, Huobi Token has gained more than 80% in value. Users were very excited about the initiative and the opportunities it could offer to them.
Binance has also recently announced a new lottery method that would allow the launch of tokens to be fair. Due to this new system, Binance Coin increased in value.
At the time of writing this article, HT is the 51st largest digital asset with a market capitalisation of $122 million. Each HT can be purchased for $2.45.
Elastos (ELA) ICO Investors Submit Lawsuit for Unauthorized Securities Sale Agains Huobi Exchange
Major crypto exchange Huobi and creators of Elatos are facing a lawsuit after investors of ELA ICO have accused them of hosting unauthorized security sale.
What are the Charges?
The ELA ICO, as well as continuous follow-on sales of securities to the U.S. market conducted by the defendants, are public offerings of securities as defined under federal securities law. Accordingly, the defendants were required to register the ELA Securities with the United States Securities and Exchange Commission pursuant to Section 5 of the 1933 Securities Act.
The defendants dismissed these well-established U.S. securities laws by, inter alia, failing to register ELA Securities with the SEC. No defendant in this action was registered with the SEC as a broker or dealer as required by law to legally sell securities in the United States.
Relief Sought: By virtue of the foregoing, plaintiff, on behalf of himself and the proposed class, seeks an order of rescission of the investments made by plaintiff and the proposed class relating to the ELA ICO and additional direct sales by the defendants, and/or incidental damages and consequential damages together with interest thereon, in an amount not less than $200,000,000 dollars.
What the Defenders Have to Say?
Rong Chen, the founder of Elastos Foundation said:
“The lawsuit purports to bring suit on behalf of individuals who allegedly purchased Elastos tokens in the United States, alleging, among other things, that the issuance of ELA tokens was a public offering of unregistered securities in violation of Sections 12(a)(1) of the Securities Act of 1933. Elastos believes that the claims made by the plaintiff are without merit and will vigorously defend against them.”
Other defenders include Elastos co-founder, Feng Han chief marketing officer Fay Li, and North American strategist, Zach Warsavage. Steven Nam, the managing editor of Stanford Journal of Blockchain Law & Policy, and a former advisor to Elastos.
A lawsuit doesn’t mean that there were any wrongdoings on the defendant's part. Anyone can file a suit for anything in America, such is the life of our litigious society. Let's wait and see if the courts even take the case. Do yourself a favor and look at the articles on Yahoo Finance for any stock that's been underperforming. The top headlines are always about some class action suit being filed because novice investors are salty and somehow thought investing meant guaranteed returns. In any case, almost none of the cases ever make it to court.
Huobi Token HT Coin: Blockchain Loyalty Points System?
One of the recently largest and most used cryptocurrency exchanges in China, Huobi has made the announcement that they will be issuing a brand-new token based on the popular ERC-20 standard.
About Huobi Token HT Coin
The token, dubbed Huobi Token or HT was set to start on the 23rd of January 2018. The token would start with a capped supply set at five hundred million. The announcement also indicated that as much as three hundred million of the tokens or about 60% would be issued to new users over the course of 15 days. And the other 40% would be kept in reserve for the operation of the platform as well as various team services and incentives or other undeclared rewards.
The major cryptocurrency player, Huobi also decided they wouldn’t be using an ICO or initial coin offering like normally seen in the industry. They’d instead take the three hundred million and give them to new users who made purchases with the company. The purchases would be of their service fee package that would be sold at a discount on Huobi Pro using the cryptocurrency known as Tether or USDT. The crypto token pegged is pegged in United States Dollar.
Other cryptocurrencies that would also operate the purchase would be the major ones like Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic. The details of the packages are not revealed in full yet. But the company promises there will be a capped maximum limit allotted that a user can buy with a minimum order of HT being one hundred.
The news announces the last move by Huobi while they attempt a recovery for their business after the clampdown Chian made on domestic exchanges that had detrimental affects for a lo of major players in the industry. Leon Li, founder of the Huobi group made the announcement. And it has since then shifted to a new trade model known as OTC or over the counter, it’s designed to hit the major oversea markets.
He also reported:
"We closed the trading book service on Sept. 15 and opened the crypto-to-crypto trading on Nov. 1 in 2017. The volume on Nov. 1 was about four to five percent of that on Sept. 15," Li said in an interview with CoinDesk. "The impact was really significant."
Basically, through the newly developed issuance of the token, the Huobi group will be able to better collect fees needed for various upfront services while at the same time raising the level of user retention, according to Li.
"For example, if you purchase the 1,000 HT package, it will only cost USDT 990, and you will get 1,000 HT for free. HT can be used for offsetting the trading fees," the company said.
Le also stated that the major goal of the company is to make HT essential for serving as the asset that best connects users to the exchanges run by Huobi in different parts of Asia like Japan, South Korea and the United States. The goal is to create major growth and expansion overseas.
It’s expected that registration for the business in the United States will take some time, Li also said. As far as their ventures in Japan and South Korea, they’re scheduled to open sometime in March of this year (2018).
At the same time, HT will be accessible for exchanging and trading on the company’s platform that also supports USDT, BTC and ETH trading pairs with their own token. And because of people’s worry of the nature of potential price volatility, the Huobi group will by back any HT tokens based on the market price indicated during every quarter. This will happen with 20 percent of their net profit during the same period of time.
Additional Notes on Huobi Token
Li has also added that any funds bought back by the Huobi group, will then be kept and stored on a separate Ethereum access for the purpose of reserves. It’s been dubbed the Huobi Investor Protection Fund, and has also been made visible to the general public for the purpose of transparency, something that the company promises to operate with at all times. The new token is something that should be paid attention to this year by any serious investors.
Huobi.com Adds XRP Trading Pairs With BTC, USD And USDT To Platform After Community Requests
Huobi.com Adds XRP Trading Pairs To Its Platform After Community Requests
The cryptocurrency exchange Hbus, which is the US version of the global platform Huobi.com, announced the addition of three new trading pairs against XRP. The information was released by the company in a press release.
Huobi Adds New XRP Trading Pairs
XRP is one of the largest digital currencies in the market and it has a large community of supporters. According to the announcement, the trading pairs are USD-XRP, Bitcoin-XRP and Tether-XRP. XRP deposits will start at 12:00 am PST today and trading and withdrawals will be available tomorrow after 12:00 a.m. PST.
The CEO of the platform Frank Fu, XRP is the 20th listed digital asset in the platform. The exchange will now have 51 trading pairs. As per the press release, XRP is a coin that has a broad utility and trading volume as well. Moreover, they have also mentioned that Ripple has the capacity to drive adoption around the world with the RippleNet.
XRP supporters are very active in the market and are usually following all the events related to the virtual currency. A few months ago, Coinbase Pro decided to add support to XRP, after several years of speculation.
Ripple is currently working in order to make cross-border transactions between financial institutions much easier. At the moment, the company signed partnerships with over 200 companies around the world. With the XRP digital asset, it is also possible to reduce costs and transaction times even further. With it, companies can source liquidity on-demand and send transactions to places that might not have a proper fiat currency liquidity.