Huobi, the once Chinese crypto exchange that now operates globally, has launched a ‘cloud wallet’ designed to improve ease of access to digital asset management.
The new wallet feature removes the need for users to maintain their own private key through a third-party management system.
This not only simplifies wallet interaction but also removes the risk of owners forgetting or losing their private key, making their assets unretrievable.
The owner’s keys are kept safe through key escrow, keeping them tied to the owner and encrypted whilst remaining accessible to the third-party under specific circumstances.
Liser Lee, the head of Huobi Wallet, said: “The world of DeFi offers limitless possibilities for traders, investors, developers, and even the average person who is just now entering the blockchain space.
Through our new Cloud Wallet feature, we’re improving the user experience so anyone and everyone can explore the rich features and services DeFi applications have to offer.”
Huobi’s wallet won’t just be an asset storage tool though, it will also screen and select DeFi projects to feature and promote to wallet users. The goal here is to chip away at the barriers to entry stopping beginners from getting involved in the DeFi space.
To ensure quality, Huobi will analyse data from several decentralised apps (DApps), including total value locked, audits, and team evaluations before listing them.
The feature will expand to support more projects over time, even enabling users to view their profits from investments in real time in the future.
Lee added, “Cloud Wallet is the latest offering from Huobi Wallet as we continue to improve the user experience for digital asset owners. We look forward to expanding Cloud Wallet’s capabilities even more in the future.”
The release of this new feature comes on the heels of several developments for Huobi’s asset storage tools, including the launch of “one-click collection,” which enables users to collect their investment income from DeFi projects across multiple chains with just one click.
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