Investors snapped up Huobi Prime’s Top Network tokens in seven seconds Wednesday following listing on the Huobi Global cryptocurrency exchange.
Huobi Korea said it 130,000 global users rushed to buy 300 million tokens, but only 3,764 could buy the tokens.
In its second and third rounds of selling, investors bought 405 million tokens in five seconds and 750 million tokens in seven seconds, respectively.
At an interval of 30 minutes, the sales, equal to 7.5 percent of all Huobi Token (HT) took place.
Huobi Top Network is a blockchain-based decentralized network for messaging, voice over Internet protocol (VoIP), media streaming and sharing of the Internet of Things (IoT) data.
Huobi cherrypicks promising blockchain projects and helps them raise capital through its Huobi Global exchange. Huobi calls the cherrypicking Huobi Prime.
The second Huobu Prime project would be on sale on April 16
A Huobi Korea spokesperson said, “Huobi Prime is more competitive than the old initial coin offering (ICO).”
“The old ICO takes a long time from raising capital to listing and is subject to price fluctuation,” he said, “The blockchain projects, which Huibi Prime arranges, has a safety device, which would minimize risks for investors.”
He added that the Huobi Prime projects enable investors to trade on the exchange.
