Huobi Group, a major blockchain company with a cumulative turnover of more than $1 trillion, is preparing to change the criteria it uses to select and add premium digital assets to its popular cryptocurrency exchange, Huobi Global.
In a press release shared with Blokt, the firm says that the new better way of getting high-value coins will go live on March 26. The new program is known as Huobi Prime.
Huobi Global Set to Thrive Through Huobi Prime
Huobi Prime offers several advantages over other similar programs. It gives investors or traders early access to digital assets at discounted prices.
Unlike other programs that are only available to a select group of investors, Huobi Prime levels the playing field by giving access to average retail investors as well as institutional investors, whales, and VIPs.
Digital assets listed on Huobi Prime are instantly tradable on Huobi Global against the firm’s native token – Huobi Token (HT). More trading pairs will be added in the future. HT is currently the 61st most valuable digital asset with a market cap of just over 91 million, according to CoinMarketCap data.
Huobi Group founder and CEO Leon Li said that Huobi Prime is beneficial to users and may potentially help grow the ecosystem by promoting new projects.
“Huobi Prime provides the trading public with access to high potential digital assets at rates significantly below their market value. It benefits our users and grows the crypto ecosystem as a whole by promoting up-and-coming projects.”
The protracted bear market has resulted in reduced investor participation in new projects. Major exchanges such as Binance and Bittrex have launched their own platforms to support new token sale projects.
Huobi Group COO Robin Zhu said that exchanges need to be innovative and responsive to the constantly changing crypto environment.
“The world of digital assets is constantly evolving and changing, and exchanges need to change and evolve with them. Huobi Prime is one of the key ways we’re ensuring Huobi Global thrives in the emerging blockchain economy.”
Overview of Huobi Prime
Listing on Huobi Prime will happen via a three-round coin offering with each round lasting an hour. The prices of the tokens will vary in each round, and the actual discounts per round will be determined on a token-by-token basis.
The minimum requirements for a project to be included on Huobi Prime are:
- A strong team behind the project
- Sustainable business model
- Exceptional financial backing
- Positive reputation free from scandals, negative news, etc.
- The new project must not have been previously listed on major digital asset exchanges
The press statement highlighted that Huobi would heavily consider the following factors:
- Projects working on or with a major technological breakthrough(s)
- Projects backed by founders with a strong reputation in the crypto industry
- Projects backed or affiliated with industry (crypto or otherwise) thought leaders
- Projects funded by Huobi Capital, Huobi’s venture arm or Global Ecosystem Fund
Only a select number of coins will qualify for Huobi Prime program. Those that are not selected for the new exclusive program may be listed on Huobi Global through other existing channels.
There are no special requirements for investors and traders to gain access to Huobi Prime. The new program is open to all users who maintain a minimum average monthly balance of 500 Huobi Tokens (HT) a month prior to the launch.
The minimum requirement is meant to ensure that the program is accessed by those who are actively involved with the Huobi ecosystem.