Huobi Says It Will Be A Tezos Baker, Announces Wallet Support For XTZ

Roxanne WilliamsAugust 2, 2019Last Updated: October 21, 2020

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Leading crypto trading platform Huobi has recently announced that it will soon become a Tezos baker, and will be supporting the XTZ on its wallet. The trading platform has also praised Tezos for being the leader in PoS & Governance.

Thrilled to announce that Huobi Wallet will be a #Tezos baker and support #XTZ soon. Tezos is a self-amending blockchain network, and leading the way in POS&governance. As a multi-currency wallet app, it is a no brainer to add XTZ.@tezos @TezosFoundation @TezosCommons @AsiaTezos pic.twitter.com/4LbpKnHuKs

— iToken (@iTokenWallet) July 31, 2019

Huobi Wallet is one of the largest crypto wallets in the world, with support for over 1,000 coins. After being added to the Huobi Global crypto exchange in December last year, XTZ will be the latest to join the list of popular cryptos, Stablecoins, ERC20, TRC10 and TRC20 tokens. The wallet is also considered a haven for dapps and PoS tokens. After the newest addition, users will now be able to store and trade XTZ tokens as well.

Tezos is a self-amending cryptographic ledger, which achieves consensus by the state of its own protocol and state of a ledger. Being an open-source platform for applications and assets, it is heavily backed by the global community of researchers, developers and validators. The Tezos blockchain offers highly secured smart contracts, designed to provide code correctness for crypto assets. It allows formal verification, which is extensively used in intensively critical missions of aerospace, nuclear, and semiconductor industries.

With the announcement of adding Tezos, Huobi Global will try to up its game for its ecosystem. Recently, Blockchain.com announced the launch of its crypto exchange, The PIT, which claims to be the fastest in the world. Given its user base, and formidable structure, The Pit is expected to create a disruption in the market, the way Blockchain.com did with its various crypto-blockchain products.

For staying relevant in the market, Huobi needs to expand its reach, and create appealing propositions for new and established crypto users. Partnerships like Tezos will help to achieve this target, and while Tezos itself will immensely benefit from the introduction to a platform as huge as Huobi.