Huobi to end support for Huobi Cloud Wallet

On May 13, 2023, the cryptocurrency exchange Huobiwill close the eponymous cloud-wallet service due to ‘strategic and product adjustments’.

Details were not disclosed.

The Huobi Cloud Wallet service will officially terminate on February 13.

Users are advised to transfer their assets to exchange accounts or other wallets. The corresponding functionality will be available for the next three months.

The exchange offered users seamless synchronization with the cloud-wallet service to access various DeFi protocols.

In autumn 2022, Huobi announced a rebranding, as a result of which it dropped the official name Huobi Global, and denied rumors of a possible merger with Poloniex.

Earlier, the company agreed to the sale of a controlling stake to the Hong Kong investment company About Capital Management. The financial terms were not disclosed.

On January 6, Reuters, citing a statement from the exchange, reported that the company plans to lay off about 20% of staff as part of cost-cutting amid a sharp drop in investor interest in digital assets.

Earlier in 2023, Tron founder and adviser to the platform Justin Sundenied rumors of problems at Huobi and stressed that user assets were safe.

Later, the South Korean subsidiary of the exchange said it aimed to separate from the parent company.