Huobi Launches Huobi Prime, A Token Sale Platform To Rival Binance Launchpad On March 26
Huobi Launches Huobi Prime, A Token Sale Platform
Everybody wants a piece of Binance’s success with the Binance Launchpad and now Huobi has decided to follow the same path as the other exchange. The Singapore-based company has confirmed today, via its own channels, that it is ready to launch Huobi Prime, a new platform which will be focused in the pre-release of token sales.
This new platform will let the investors access new tokens which are not exchanges yet. If you thought about Initial Coin Offerings (ICOs), you are right, that is pretty much it.
Huobi has affirmed that any company which wants to participate will first have to go through a vetting procedure and that only the successful companies will be able to participate. According to the rules, there will be three flash sales, each one lasting half an hour.
Each round will see the price of the asset going up. If you buy during the first round, you will get 30% discount, for instance, while 20% in the second round and only 10% in the last one, the exchange affirmed.
In order to pay for the new tokens, you will have to use the native HT tokens of the company and you can only spend $1,000 USD worth of HT to buy tokens so that a few whales are not able to buy them all at once. Another important part is that the holder needs to have held the HT tokens for at least 30 days before the sale to be able to use them.
The CEO of the company, Leon Li, has affirmed that the system was designed to be innovative and to offer a responsive way for people to access the market. The major reason for the creation of this new platform, according to them, was the huge demand. He has also affirmed that Huobi always wants the customers to be at the front of everything, so the creation of Huobi Prime was a response to that.
The First Token Sale
According to the reports, the first token sale will happen on March 26. It was revealed that the first project to be featured on the platform will be the TOP Network token. The TOP Network is a blockchain-based platform for messaging with low costs.
Ross Zhang, the head of marketing of Huobi, has affirmed that the company had several candidates for the inaugural launch, but that the TOP Network stood out among the other ones because of its very ambitious business model and the good performance of the blockchain technology used by the company.
It was also informed that projects which had already received investments from Huobi Capital of the Global Ecosystem Fund would be preferred to other projects.
The Success Of The Binance Launchpad
It is impossible to talk about this launch without talking a bit about the launch of Binance’s own platform, the Binance Launchpad. The company has launched the ICO platform this year and already has seen three massive launches: BitTorrent (BTT), Fetch.AI (FET) and Celer Network (CELR).
All of the sales sold out in less than an hour and the first one, the BitTorrent sale would be finished in instants if not for the fact that the system simply could not process so many sales at the same time.
This success is an obvious inspiration for many platforms which are focused on giving strong support for the companies who are entering this new profitable area. We saw a pretty clear inspiration in Binance’s model for Huobi, so the successful model will probably be continued.
Recently, Bittrex also started a similar service called Bittrex International. The idea is that the platform would be used to host ICOs using its native token RAID.