Crypto exchange Huobi has announced that it will discontinue its NFT services in May this year. The decision has been attributed to strategic and product adjustments to the Huobi Cloud Wallet.
According to the announcement on March 10, users currently utilizing the cloud wallet are advised to transfer their NFTs to their Huobi key accounts or other wallet addresses.
While the Huobi Cloud Wallet’s withdrawal and transfer functions will remain operational for the next two months, users are warned against transferring NFTs to their cloud wallet. The Huobi Cloud Wallet’s deactivation date has been set for May 13, 2023.
Earlier on Feb. 13, Huobi announced that it had closed down maintenance and upgrades for its multi-token wallet service. The Huobi Cloud Wallet was released in October 2021 as a feature of the Huobi Wallet, enabling users to handle digital assets without needing private keys.
Huobi Wallet was rebranded to iToken in May 2022 after the Huobi Group’s $200 million investment. The Huobi Cloud Wallet aimed to provide easy access to DeFi apps and services. It allowed users to own tokens without handling private keys with a third-party management system that puts them in escrow.
The service also enabled users of Huobi Global to enjoy smooth coordination with the cloud wallet service and transfer tokens between the platforms to access multiple decentralized finance projects.
In January 2023, Huobi delisted 33 tokens violating many prerequisites, citing the need to maintain their listing. The exchange also announced plans to cut down 20% of its staff at the beginning of the year as part of its restructuring after Justin Sun acquired the firm.
Even after leaving China due to the country’s cryptocurrency ban, Huobi announced plans to expand its services to Hong Kong.