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Huobi Wallet’s New ‘Cloud Wallet’ Feature Removes the Need for Private Keys


crypto-economy.com 13 October 2021 11:36, UTC
Reading time: ~2 m

Huobi Wallet has announced the launch of a new ‘Cloud Wallet’ feature that will make it easier for new DeFi entrants to use the DeFi application.

In an announcement on Monday, October 11, Huobi Wallet’s team said that this ‘Cloud Wallet’ feature enables users to manage their digital assets without having to keep a private key that will make it easier for users new to the digital asset space to take advantage of DeFi applications.

According to the announcement, the new feature also brings much more to help people entering the space of decentralized finance (DeFi). As DeFi is growing, more and more users are now using the DeFi application but things are not that easy for new entrants. Managing non-custodial wallets such as Metamask is difficult for newbies as they require owners to maintain their own private key which is a complicated and cumbersome process.

Existing as an individual entity of the Huobi ecosystem, Huobi Wallet is a non-custodial multi-chain light mobile wallet that integrates a variety of DApp interfaces and helps users easily manage multi-chain assets, track their real-time DeFi mining income, and claim rewards with just one click. The wallet currently supports Huobi Eco Chain (HECO), TRON, and the recently added Layer-2 scaling solution Polygon. Support for other public chains is also coming.

To help newcomers to DeFi, the newly launched Cloud Wallet feature will let users hold their digital assets without having to manage a private key through a third-party management system that keeps users’ private keys safe through key escrow.

Furthermore, selecting the best projects to participate in and invest in can be difficult for people new to the space. To help users in this regard, Cloud Wallet will launch selected DeFi projects based on the analyses of including total value locked (TVL), audits, and team evaluations, enabling users “to participate in the DeFi ecosystem without having to screen projects themselves.”

Furthermore, Cloud Wallet seamlessly syncs with Huobi Global and users can easily transfer their assets from Huobi Global account to the wallet to use DeFi apps. More features like the real-time tracking of DeFi investments and profits will later be added to assist users in their investment decisions.

Liser Lee, head of Huobi Wallet, commented:

“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.”


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