Huobi announced the termination of the Huobi Cloud WalletThe press service of cryptocurrency trading platform Huobi announced that it will stop supporting the service Huobi Cloud Wallet. This will happen in May 2023. The management of the exchange assured that the reason for this decision was "strategic adjustments and product upgrades.
According to the announcement on the Huobi support page, the service and updates to the wallet service will officially cease as early as February 13, 2023. That said, user accounts will not be deleted, and the cloud wallet's withdrawal and asset transfer functions will continue to work for the next 3 months. However, customers are advised not to transfer digital coins and tokens to the cloud wallet. The official date for Huobi Cloud Wallet decommissioning is May 13, 2023.
This service was renamed iToken in May 2022. The cloud wallet originally launched in October 2021 as a storage feature of the Huobi exchange, allowing users to manage digital assets without the use of private keys.
The provision of the custodial wallet service was aimed at facilitating access to decentralized finance (DeFi) applications and services. The cloud service allowed users to store their own digital tokens without having to manage private keys. A third-party escrow system was responsible for this.
Huobi Global users were offered seamless synchronization with the cloud wallet service. This made it possible to transfer virtual digital tokens between platforms to access various DeFi projects. At the beginning of 2023, the management of the exchange announced that it would cut about 20% of the company's staff. This became necessary as part of the restructuring after the "takeover" of the firm by entrepreneur Justin Sun and his team.
