Global crypto exchange Huobi has announced that it will list the utility token of decentralized payments platform Reserve on its initial exchange offering (IEO) platform.
Dubbed as Reserve Rights Token (RRT), it will be the third token listing on Huobi Prime. The exchange also launched Huobi Prime Lite, a streamlined version of the IEO platform, which debuted with the listing of ThunderToken. The token offering was a huge success as more than 26,000 investors took part in the sale and the project raised around $500,000.
Resurrecting Weak Economies
The utility token will maintain the stability of Reserve’s USD-pegged stablecoin. The project is aiming to boost the markets with poor banking services and struggling economy to create a universal store of value. It has recently launched a crypto-fiat payments app in Venezuela and Angola to check their skyrocketing inflation.
Praising the decentralized payments project, Livio Weng, chief executive of the Singapore-based crypto exchange, pointed out the strong background of the founding members of the project which include former staffs from companies like Google, Tesla, OpenAI, IBM, MIRI, Impossible Foods, and The Jane Goodall Institute.
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The project also attracted the attention of many famed Silicon Valley investors as the names include PayPal co-founder Peter Thiel, YCombinator’s Sam Altman, Ran Neuner, and Mike Arrington of TechCrunch.
“Over 300 million people live in countries without stable currencies, resulting in dramatic losses of wealth and overall instability in these countries,” Nevin Freeman, co-founder and CEO of Reserve, said. “The world needs a stable, global, digital currency that gives people and businesses autonomy.”
IEOs are becoming the new norm in the crypto industry for raising funds. Almost all the projects listed on exchange-backed IEO platforms have seen a massive demand, and their values soared after an open market listing.
Meanwhile, Huobi is also concentrating on its global expansion. Last month, the US-arm of the exchange launched crypto trading with three XRP-based pairs.