Huobi Wallet, the professional, multi-chain light wallet of the Huobi ecosystem, today announced the launch of a new feature that makes it easier for users new to the digital asset space to take advantage of DeFi applications. ‘Cloud Wallet’ enables users to manage their digital assets without having to keep a private key.
As decentralized finance (DeFi) continues to grow, people entering the space are learning how to use wallets to hold their digital assets. However, managing a non-custodial wallet, which requires owners to maintain their own private key, can be a complicated, cumbersome process for many users. Furthermore, if the owners forget or lose their private key, they can’t retrieve their assets in the future.
To address this challenge, Cloud Wallet lets 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, which is a secure method of storing cryptographic keys, users can rest assured that their assets are safe and easily accessible.
“The world of DeFi offers limitless possibilities for traders, investors, developers, and even the average person who is just now entering the blockchain space,” said Liser Lee, Head of Huobi Wallet. “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.”
While there are hundreds of exciting DeFi projects, selecting which projects to participate in and invest in can be difficult for people new to the space. To streamline this process, Cloud Wallet launches select projects, enabling users to participate in the DeFi ecosystem without having to screen projects themselves. To ensure quality, Cloud Wallet analyzes data from several decentralized apps (DApps), including total value locked (TVL), audits, and team evaluations before listing them.
Cloud Wallet also seamlessly syncs with the Huobi Global, so users can participate in the DeFi space using their existing Huobi Global account. Furthermore, users of Huobi Global can transfer their assets to Cloud Wallet quickly, enabling them to participate in DeFi projects more safely and conveniently. Users can also directly participate in select HECO projects via Cloud Wallet without switching between decentralized apps (DApps).
The feature will also expand support for more DeFi projects as the DeFi space continues to grow, and enable users to view their assets and profits from their investments in real time in the future. Other new features will later be added to assist users in their investment decisions.
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 Cloud Wallet comes on the heels of several developments for Huobi Wallet, 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. The Huobi Wallet app was also recently upgraded to better support DeFi solutions, and expand support for the layer 2 scaling solution Polygon for users to create and import their Polygon addresses through Huobi Wallet and access dApps on the Polygon network.