Crypto exchange Huobi Global announced on Sunday that it will be partnering with Reserve, the blockchain based global payments solution, to launch Reserve’s native token RSR, on the Huobi Prime platform. The exchange stated that it aims to bring blockchain payments among the masses. The announcement came via a tweet on Sunday:
#Huobi Prime's next launch will be @reserveprotocol 's Reserve Rights token ($RSR)! Congratulations! We look forward to bringing real world blockchain payments to the masses with you. Hear from our CEO @livio_huobi here. https://t.co/lwd1IZ0slp #ItsPrimeTime #Reserve pic.twitter.com/zWjVrLetMO
— HuobiGlobal (@HuobiGlobal) May 12, 2019
Reserve also confirmed the announcement via another tweet. Also, it added that the token will be launched on Huobi Prime on May 22.
We are excited to announce that our RSR token will make its premiere with a Prime Offering on the @HuobiGlobal exchange on May 22nd! Make sure to sign up on Huobi to participate, and join our Telegram to ask questions and receive updates as we anticipate this event.#ItsPrimeTime pic.twitter.com/Ghoe0NACgB
— Reserve (@reserveprotocol) May 12, 2019
Nevin Freeman, Co-Founder and CEO of Reserve said,
Over 300 million people live in countries without stable currencies, resulting in dramatic losses of wealth and overall instability in these countries.
Freeman argues that the world needed a stable and globally accepted cryptocurrency that would give people and businesses autonomy.
Hyperinflation and chronic recession in Venezuela and the third world nations ironically created a use case for cryptocurrencies. Venezuelans were able to survive the hyperinflation by Bitcoins and other cryptocurrencies, which helped them by bread for their families.
Global payments are one sector which has been rising immensely, more so in the last couple of years. The blockchain space has witnessed the entry of giants like the IBMs, the JPMs, the FBs of the world, which has stiffened the already tight competition. IBM launched its own global payments platform World Wire, backed by Stellar, while JPMorgan and Facebook are exploring their own cryptocurrencies for facilitating cross-border payments.
In a blog on its website, Huobi stated that the first two launches on Huobi Prime were NEW, the native currency of Project Newton, and Top Network’s token TOP. 2 billion and 1.5 billion tokens were sold out of NEW and TOP respectively, while prices of both rose by over 500% within hours of launch. These numbers are quite encouraging for RSR, and the same success is expected to repeat.
The RSR token is designed to support Reserve’s main token, the USD-pegged Stablecoin RSV. According to Huobi CEO, Livio Weng, the PayPal-like payments solution has everything needed to be successful, including a great founding team, strong backers, and an innovative business model. The Reserve platform is backed by PayPal co-founder Peter Thiel, YCombinator chief Sam Altman, and Mike Arrington of TechCrunch.