Huobi has announced that it will discontinue its Huobi Cloud Wallet platform in May 2023
The Huobi Cloud Wallet platform will be discontinued in May 2023, according to the cryptocurrency exchange, citing “strategic and product modifications.”
The multitoken wallet service’s maintenance and updates will formally end on February 13 according to a statement on Huobi’s support page. Cryptocurrency and nonfungible tokens (NFTs) users who are still utilizing the cloud wallet are urged to move their assets to their primary Huobi accounts or other wallet addresses.
Users are advised not to transfer digital assets to their cloud wallets during the three months that Huobi Cloud Wallet’s withdrawal and transfer features will be operational. The official shutdown date for Huobi Cloud Wallet is May 13, 2023.
In May 2022, Huobi Wallet changed its name to iToken as a result of a $200 million investment from Huobi Group. As a function of Huobi Wallet, the Huobi Cloud Wallet was first introduced in October 2021 and enables users to handle digital assets without private keys.
To provide simpler access to decentralized finance (DeFi) applications and services, a custodial wallet service was made available. Using a third-party management system to retain users’ private keys in escrow, Huobi Cloud Wallet enabled users to hold tokens without having to handle private keys.
In January 2023, Huobi made news again when it delisted 33 different tokens that had broken a number of requirements to remain listed on the trading platform. The exchange announced at the beginning of the year that it will be streamlining its workforce as a result of Justin Sun’s acquisition of the business.
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