Huobi exchange will completely stop supporting its crypto wallet in May
The company explained the shutdown of Huobi Cloud Wallet by “strategic and product adjustments”
13.02.2023 - 16:00
902
2 min
0
Cryptocurrency exchange Huobi has announced that it will discontinue its Huobi Cloud Wallet platform in May 2023, citing “strategic and product adjustments.“
As per an announcement on Huobi’s support page, maintenance and upgrades of the multitoken wallet service will officially stop on Feb. 13. Users that are still using the cloud wallet are being encouraged to transfer cryptocurrency and nonfungible tokens (NFTs) to their main Huobi accounts or other wallet addresses.
Huobi Cloud Wallet’s withdrawal and transfer functions will work for the next three months, while users are cautioned not to transfer digital assets to their cloud wallet. Huobi Cloud Wallet’s official decommission date is May 13, 2023.
Huobi Wallet was rebranded to iToken in May 2022 following a $200 million investment from Huobi Group. The Huobi Cloud Wallet was originally launched in October 2021 as a feature of Huobi Wallet, allowing users to manage digital assets without private keys.
The provision of a custodial wallet service was aimed at driving easier access to decentralized finance (DeFi) applications and services. Huobi Cloud Wallet allowed users to hold tokens without managing private keys, with a third-party management system keeping users’ private keys in escrow.
Huobi Global users were touted to enjoy seamless synchronization with the cloud wallet service, with token transfer between the platforms to access various DeFi projects.
Huobi also made headlines in Jan. 2023, delisting 33 different tokens that violated several prerequisites to maintain their listing on the exchange platform. The exchange confirmed plans at the beginning of the year to retrench 20% of its staff as part of its restructuring following Justin Sun’s takeover of the company.
Cointelegraph has reached out to Huobi to ascertain the main reasons for the discontinuation of the Huobi Cloud Wallet.
This material is taken from the website cointelegraph.com.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 796
BTC
+0.83%
-
Ethereum
$3 340.14
ETH
+6.3%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.42
XRP
+27.71%
-
Dogecoin
$0.389147
DOGE
+2.03%
-
Cardano
$0.877063
ADA
+11.45%
-
Bitcoin Cash
$488.83
BCH
-6.5%
-
Polkadot
$6.09
DOT
+8.23%
-
Stellar XLM
$0.289917
XLM
+21.9%
-
Litecoin
$90.13
LTC
+0.28%