Huobi to Discontinue Cloud Wallet Service in May 2023

Huobi, A Cryptocurrency Exchange, has Said that it would end its Huobi Cloud Wallet Platform Five Years from this point, in May 2023, Citing “Strategic and Product Modifications.”

The Maintenance and Updates of the Multi Token wallet Service will come to an end on February 13, According to a Notification that was Posted on Huobi’s Support Website. Users who are still using the Cloud Wallet are being Encouraged to Move any Cryptocurrencies and nonfungible tokens (NFTs) that they have to their Essential Huobi accounts or to other wallet Addresses.

The Withdrawal and Transfer Functionalities of Huobi Cloud Wallet will continue to operate for the following three months; however, users are strongly encouraged to shun transferring digital assets to their cloud wallets during this time. The official date that Huobi Cloud Wallet will be decommissioned is May thirteenth, 2023.

After Huobi Group made an investment of $200 million, the Huobi Wallet name was changed to iToken. The Huobi Cloud wallet was first introduced in October of 2021. It enables users to deal with Digital assets without the need of private keys and was initially rolled out as part of Huobi Wallet.
The Provision of a Service for Custodial Wallets was finished determined to Facilitate more Straightforward Access to Apps and Services Related to Decentralized Finance (DeFi). Users of Huobi Cloud Wallet had the option to store tokens without getting a sense of Ownership with their Own Private Keys thanks to an Outsider Management System that held users’ Private Keys retained.

Users of Huobi Global were Promised a smooth Synchronization with the cloud wallet service, as well as the Capacity to move Tokens between the two Platforms to access an assortment of other DeFi projects.

Huobi also stood out as truly newsworthy in January 2023 when it Delisted 33 Different Tokens because they had broken different prerequisites to be listed on the Exchange Platform. Huobi was in the News. Following Justin Sun’s Acquisition of the business, the Stock Exchange Declared at the start of the year that it Intended to Implement a Reorganization that would include the layoff of a fifth of its workforce.