Huobi Launches Digital Asset Mining Platform Primepool

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In Brief
  • Crypto exchange Huobi Global is launching digital asset mining platform Primepool.

  • Users can participate in the asset-locking activities and gain rewards through staking assets on Primepool.

  • Primepool allows users who are interested in the project to take part in its ecological development with a low barrier of entry.

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Crypto exchange Huobi Global is launching digital asset mining platform Primepool. 

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Primepool intends to offer users a convenient means of participating in the ecological development of the newly listed crypto projects. 

Primepool offerings

Primepool is based on “New Assets” and “DeFi Mining,” activities previously available on Huobi. Users can participate in the asset-locking activities and gain rewards through staking assets on Primepool.

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Ciara Sun, Vice President of Global Markets at Huobi Group, highlighted how Primepool could help those looking to get in on the ground floor. “As a safe and reliable mining platform, Primepool allows users who are interested in the project to take part in its ecological development with a low barrier of entry, and thereby obtain greater wealth effects,” she said.

Lending exposure

Sun also highlighted that many premium projects had emerged in recent years, but many traders were unable to access them. With Primepool, she hopes to demonstrate that the “market is not just for investors with large investing budgets.“ Sun also believes that it will enhance inclusiveness in the crypto space, in addition to helping build a sound ecosystem.

To emphasize this opportunity, the announcement recognized DeFine as the first projects listed on Primepool. The unique NFT-based decentralized social network for web 3.0 hopes to facilitate social interaction, engagement and communication for creators. It uses a native DFA token.

Huobi’s services

The new service from Huobi comes at a rather opportune time in light of the ones it has had to withdraw in China. Last month Huobi updated its user agreement, adding China to its list of jurisdictions which are prohibited from using its derivatives trading services. The update comes just after Huobi recently reduced the amount of leverage available to users in China. 

More notably, Huobi was forced to shut down its presence in Beijing. On July 22, Huobi dissolved its entity, Beijing Huobi Tianxia Network Technology Co. The firm will deregister 45 days following that.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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