Huobi Prime Lite Launches the Reserve Rights (RSR) Token, a Stablecoin for Hyperinflation
Huobi Prime partners with Reserve Protocol to launch the RSR tokens on the premium token sale platform. The token, however, will not be offered through an initial exchange offering (IEO) but a direct premium offering (DPO). DPOs function similarly to IEOs except the investor must be holding a certain amount of tokens to be able to participate in the sale. Huobi Prime has set a limit of 500 HT tokens (~$1,200 USD) for their DPO which needs to be deposited to your wallet 30 days before the coin offering.
The coins are offered directly to the public without the exchange underwriting the asset as it occurs on various platforms such as the Binance Launchpad.
The Reserve Protocol Tokens
The RSV token is a stable cryptocurrency that is independent of the dollar and aims at providing their users with an economically and legally robust asset to reduce the volatility of hyper- inflated economies. The company is developing a stable coin for use in Venezuela, a country facing a massive 1,000,000%+ inflation rate, and Angola, another inflation hit economy.
The roadmap for the Reserve Protocol development team (Reserve.org)
The RSR token is the native token on the Reserve protocol. The token fluctuates in price to keep the RSV token stable and confers the cryptographic right to purchase excess Reserve tokens as the network grows. The Reserve Rights tokens allow investors to purchase the stable coins and will be launched on the Huobi cryptocurrency exchange on May 22nd, 2019.
Venezuela Set For Another ‘Savior Cryptocurrency’
The company is aiming at providing a stable form of currency for economies that are suffering through hyperinflation. This will allow citizens in the country easily store value and purchased goods and services despite the fall of the national currency. Furthermore, migrants will have a platform to directly send remittances home while avoiding volatility on cryptocurrencies and fees by third-party institutions.
Speaking on the latest partnership with Huobi to release the RSR tokens, the co-founder of Reserve Nevin Freeman said,
“The world needs a stable, global, digital currency that gives people and businesses autonomy and control of their money.”
He continued saying the company will focus on releasing the token in Venezuela given the current economic turmoil in the country.
“Obviously, Venezuelans need this the most right now, and that’s why we are starting there – but this is just the beginning.”
– Nevin, Co-founder of Reserve Protocol.
Huobi Exchange Competing Favorably With The Big Boys?
While Huobi ranks as one of the most actively traded digital asset exchanges, the platform are yet to beat the top exchanges including Coinbase, Binance, and BitMEX. The introduction of IEOs through the Huobi Prime Lite is opening up a new market and will allow the exchange to compete with Binance who have also launched their token offering service, Binance Launchpad.
ThunderCore Token (TT) is one of the pioneer coins on Huobi Prime Lite and raised $11 million USD in a couple of seconds from over 24,000 investors.