- By Pierre-Alexandre
March 28th, 2019
Huobi launches institutional products team
The US arm of cryptocurrency exchange Huobi Global (HBUS) has launched a new organization that would roll out products and services specifically for institutional investors.
HBUS made the announcement on Wednesday, March 27, adding that the team would be headed by Katelyn Mew. Katelyn is vastly experienced in the asset management sector following her time with BlackRock, and brokerage firm Charles Schwab. She would be joined by Oren Blonstein who previously worked with Tora Trading Services.
In their press release, Blonstein pointed out that Huobi is setting up this group to ensure that they have a team dedicated to institutional investors as they see a lot of growth coming out from that segment. He added that they would be rolling out new institutional products and services over the coming months, including an over-the-counter (OTC) trading.
According to the press release, HBUS is also looking at launching a stablecoin though no concrete details have been provided regarding this. Mew stated that their focus on institutional investors was born out of growing demand as such customers want a secure and trusted marketplace they could carry out cryptocurrency transactions.
The CEO of HBUS, Frank Fu revealed that the group is already interacting with some of the top crypto investors in the country. They are also searching for more members that have strong foundations in the financial industry, he added.
Huobi Derivative Market to Introduce XRP Contracts on March 29
Cryptocurrency exchange, Huobi Global has announced that its derivative markets unit is set to introduce a XRP contract on Friday, March 29. This latest information was contained in a tweet by Huobi on March 27, with the exchange adding that five random winners will win 30 XRP each for retweeting the info.
Huobi DM will launch Ripple ( $XRP ) crypto contract trading this Friday!— HuobiGlobal (@HuobiGlobal) March 27, 2019
Share this news to XRP community and comment below, 5 random winners will win 30 $XRP each.
More information:https://t.co/rV0syU0VEz@Ripple_XRP1 @Ripple @Ripple_XRP_News #HuobiDM $HT pic.twitter.com/t8hSDQLLoR
In their blog post, Huobi gave details regarding the Ripple contract including adjustment factors, fees rate, derivatives date, minimum margin ratio, the rate of delivery fees, price quotation unit, face value, and more.
Huobi added that it would not stop at Ripple as it is working on launching other altcoins contracts successively. This latest development is also good news for Ripple which has been making some significant strides lately. Recently, crypto exchange CoinField integrated over 130 XRP pairs to their testnet while Coinbase also added the cryptocurrency to its platform last month.
Huobi Prime Sold 1.5 Billion TOP Tokens in 19 Seconds
Huobi announced on March 27 that the first initial exchange offering (IEO) carried out on its Huobi Prime platform was successful with roughly 1.5 billion TOP tokens sold within 19 seconds.
Huobi had earlier stated that the Huobi Prime platform would make it possible for investors to access cutting-edge crypto projects that have high chances of growing and making an impact in the industry.
The first IEO to take place on the platform was TOP, the native token of TOP Chain. Huobi revealed that over 3,000 investors bought the token, with a total of 1.5 billion coins sold in less than a minute. The tokens were sold in three trading rounds, with the first round lasting for seven seconds, the second for five seconds, and the last rounds also lasting for seven seconds.
Following the token sale, TOP was fully listed on Huobi Global and is available for trading against some pairs including TOP/USDT, TOP/BTC, and TOP/HT.