Cryptocurrency exchange Huobi has announced that it will discontinue its Huobi Cloud Wallet platform in May 2023, citing "product and strategic adjustments."
According to an announcement on Huobi's support page, maintenance and updates to the multi-token wallet service will officially stop on February 13. Users who are still using the cloud wallet are encouraged to transfer cryptocurrency and non-fungible tokens (NFTs) to their main Huobi accounts or other wallet addresses.
Huobi Cloud Wallet's withdrawal and transfer features will work for the next three months, while users are warned not to transfer digital assets to their cloud wallet. The official retirement date of Huobi Cloud Wallet is May 13, 2023.
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Huobi Wallet changed its name to iToken in May 2022 following a $200 million investment from Huobi Group. Huobi Cloud Wallet was originally launched in October 2021 as a feature of Huobi Wallet, allowing users to manage digital assets without private keys.
The provision of a custodial wallet service was aimed at driving easier access to decentralized finance (DeFi) applications and services. Huobi Cloud Wallet allowed users to hold tokens without managing private keys, with a third-party management system keeping users' private keys in escrow.
Huobi Global users were touted to enjoy seamless synchronization with the cloud wallet service, with token transfer between the platforms to access various DeFi projects.
Huobi also made headlines in January 2023, removing 33 different tokens that it violated several prerequisites to maintain its listing on the exchange platform. The exchange plans confirmed at the beginning of the year to reduce 20% of its staff as part of its restructuring following the acquisition of the company by Justin Sun.
Cointelegraph has contacted Huobi to determine the main reasons for the discontinuation of the Huobi Cloud Wallet.
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