Singapore-registered Huobi, one of the world’s leading cryptocurrency exchange, is reportedly set to launch a new platform called Huobi Prime for token listing this month, according to a Chinese blockchain media. The new product is seen as Huobi’s answer to Binance’s token launch platform Binance Launchpad.

According to the report, the upcoming Huobi Prime will stay away from the initial exchange offering(IEO) , a new approach to raise funds within the crypto ecosystem that allows start-ups to conduct the fundraising event by relying on an exchange or multiple exchanges to complete the campaign even though Binance Launchpad has proved that it is possible to be successful with IEOs. In addition, Huobi Prime is said to drive innovation in business models and compliance.

Huobi confirmed its plan to launch the platform, but denied that Huobi Prime is a token launch platform like Launchpad. Huobi CEO, Livio Weng Xiaoqi, told media on March 7 that Huobi Prime is a selective token listing channel based on Huobi’s native token HT, and it does not serve as a platform for crowdfunding or for IEOs. Weng added that it will offer an innovative, rapid and compliant token listing service for high-quality crypto projects globally.

However, Weng did not provide more details about the project and it is unclear when Huobi Prime will be officially launched.

As Binance Launchpad has taken off with the two previous token sales, BitTorrent (BTT) and Fetch.AI (FET), completed in a matter of minutes, it is reasonable to expect that Huobi is willing to repeat Binance Launchpad’s success. If HT token is used in Huobi Prime as expected , its price is likely to edge higher as demand builds.

HT is among the best performing cryptos so far in 2019. It reached its 3-month high today with value around$1.98, up by roughly 10% over the past 24 hours, according to Coinmarketcap. HT achieved an all-time-high price against Ethereum’s ETH on March 7, with more than 30% growth in the last 3 days, outperforming other exchange tokens.