On July 19th, US-based cryptocurrency exchange Poloniex announced that it will be adding the jl777hodl asset (ticker symbol JLH) to its exchange platform. The listing of this fund, which “represents a basket of high-performance crypto initiatives,” would mark the first crypto-asset available on a centralized exchange, according to a news bulletin sent by Poloniex to CoinReport. JLH was previously only available via the NXT asset exchange, a decentralized marketplace backed by NXT cryptocurrency.
According to the bulletin, JLH is “essentially a wrapper for around 20 different promising NXT-based assets, including many created by other companies and individuals. These include everything from payment processors and crypto venture capital funds to mining outfits and online stores.”
Poloniex owner, Tristan D’Agosta said:
“Previously, a cryptocurrency’s value came primarily from its scarcity or speculation of adoption in mainstream markets. JLH brings a new, far more stable investment option to crypto.”
A broad variety of assets has been issued since NXT Asset Exchange’s launch in May, with NXT developer and forum member jl777 being responsible for several of them. As for JLH, “the liquidity of 10 Million JLH shares reduces exclusivity of high-value assets and broadens the opportunity to invest.”
“JLH was crafted using the stock ‘Berkshire Hathaway’ as a model. The NXT community is an innovative and entrepreneurial group, and this asset provides an excellent model for others to follow.”
As for Poloniex, they consider the adoption of JLH into their exchange a growth step for themselves as well. Inclusion of the fund among other digital currencies diversifies the Poloniex marketplace, and “expand[s] its list to include a whole new class of offering.”
Dan Kindly, NXT marketing associate, explained:
“Assuming success with JLH, I expect that more and more NXT assets will trade on Poloniex and, by extension, other exchanges too. NXT assets can now be viewed as BTC equivalents.”
JLH is available on Poloniex now. However, jl777 hopes that investors will choose to research the asset and its underlying products before investing.
“I have chosen these assets because I believe in their future potential, but investors need to do their own homework. Of course speculators may choose to skip all that, but I am more interested in reaching the long term buy- and-hold investors – hence the name.”