Huobi Prime has released its third project on the premium token sale platform. It is a stablecoin project meant to work as a universal store of value. The project is being pitched as the “future of money” and is called Reserve. It is algorithmic initiative to build a stablecoin and a concurrent payments network for developing and emerging markets. This project, the full name of which is Reserve Rights (RSR), will be launched on the end of this month.
The project was initiated in the second quarter of last year and was funded by top investors such as Peter Thiel, Coinbase Ventures, the Digital Currency Group (which also backs crypto media house CoinDesk) and Fenbushi Capital, a venture capitalist firm from China.
The release of this project will be accompanied by a sale in the form of a Direct Premium Offering. It is quite similar to the Initial Exchange Offering trend in the crypto space but has some crucial differences. In case of a Direct Premium Offering, the tokens are directly sold to the public , without a crypto exchange having to underwrite the sale.
The project has been released with the hope that this sale will attract investors from far and wide, especially from countries beyond the United States of America and that this will make sure adoption reaches new heights and the payments network spreads globally.
Huobi Prime was launched in the middle of March this year and although it is frequently compared to fellow Initial Exchange Offering platforms such as the Binance Launchpad, Huobi likes to see it more as a rewards program to give awards to its more loyal users. In order to participate in sales, a user not only needs to be eligible for Huobi Prime but also needs to own 500 HT tokens, from at least 30 days before the launch date.
Reserve has also announced that it will take its cryptocurrency RSD to two countries known to have turned to crypto to salvage their fledgling economies: Angola and Venezuela.
Nevin Freeman, the co-founder of Reserve had the following statement to make:
“The world needs a stable, global, digital currency that gives people and businesses autonomy and control of their money. Obviously, Venezuelans need this the most right now, and that’s why we are starting there – but this is just the beginning”.