Huobi has announced the imminent closure of its Huobi Cloud Wallet service, citing strategic adjustments as the impetus for the decision
This move is part of Huobi's larger effort to optimize its services and provide users with the best possible experience
The closure of the Huobi Cloud Wallet service is a necessary step in Huobi's mission to remain at the forefront of the digital asset industry
Cryptocurrency exchange Huobi has announced that it will be discontinuing its Huobi Cloud Wallet platform in May 2023, citing “strategic and product adjustments.”
On Huobi’s support page, the company has stated that maintenance and upgrades of the multi-token wallet service will officially cease on February 13th. As such, users are being encouraged to transfer their cryptocurrency and nonfungible tokens (NFTs) to their main Huobi accounts or other wallet addresses.
Huobi Cloud Wallet’s withdrawal and transfer functions will remain active for the next three months, however, users are advised not to transfer any digital assets to their cloud wallet. The official decommissions date for Huobi Cloud Wallet is May 13, 2023.
In May 2022, Huobi Wallet was rebranded to iToken following a $200 million investment from Huobi Group. The Huobi Cloud Wallet was initially launched in October 2021 as a feature of Huobi Wallet, allowing users to manage digital assets without having to manage private keys. This custodial wallet service was designed to facilitate easier access to decentralized finance (DeFi) applications and services.
Huobi Global users were able to enjoy a seamless synchronization with the cloud wallet service, allowing for token transfers between the platforms to access various DeFi projects.
In January 2023, Huobi made headlines when it delisted 33 different tokens that violated several prerequisites to maintain their listing on the platform exchange. The exchange had previously confirmed plans to retrench 20% of its staff as part of its restructuring following Justin Sun’s takeover of the company.
Reports have reached out to Huobi to gain further insight into the main reasons for the discontinuation of the Huobi Cloud Wallet.
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