Huobi cryptocurrency exchange has announced the closure of its Huobi Cloud Wallet service, the platform will be discontinued in May 2023.
The multi-token wallet service’s maintenance and updates will formally end on February 13 according to a statement on Huobi’s support website. Cryptocurrency and nonfungible tokens (NFTs) users who are still utilizing the Huobi Cloud Wallet are urged to move their assets to their primary Huobi accounts or alternative wallet addresses.
Users are advised not to move digital assets to their Cloud Wallet for the next three months, even though Huobi Cloud Wallet’s withdrawal and transfer features will still be functional. 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) apps and services, a custodial wallet service was made available. With the use of a third-party management system that held user private keys in escrow, Cloud Wallet enabled users to store tokens without having to handle private keys.
Users of Huobi Global were said to benefit from seamless integration with the Cloud Wallet service, allowing them to move tokens between the two platforms to access numerous DeFi initiatives.
In January 2023, Huobi made news again when it delisted 33 different tokens that had broken a variety of rules in order to keep their listing 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.
