Huobi, the cryptocurrency trading platform, has announced that their Huobi Cloud Wallet service will be discontinued in May 2023. The reason for this change was some "strategic adjustments and product updates", according to a statement posted on the Huobi support page.
Nevertheless, user accounts will remain intact, customers should avoid transferring digital coins and tokens to the cloud wallet as of February 13. The official end date for Huobi Cloud Wallet is May 13, 2023.
Originally known as iToken in May 2022, the cloud wallet was launched in October 2021 as part of an exchange vault that allowed users to store their own digital tokens without the need for private keys - a third-party escrow system was responsible for this.
Furthermore, synchronisation between Huobi Global and the cloud wallet allowed users to transfer virtual digital tokens between platforms so that they could easily access DeFi projects. However, in early 2023, there was a staff reduction of about 20% after control of Huobi was taken over by entrepreneur Justin Sun.
