Huobi brings more security and transparency to its wrapped BTC token on the Ethereum mainnet. The venture has announced that it will deploy Chainlink Proof of Reserve to enhance transparency around the HBTC H-Token.
Through this update, Huobi will enable the verification of BTC in reserve wallets with the total number of HBTC. The goal is to lower the risk of wrapped assets by making sure that off-chain or cross-chain services are monitored in a timely and reliable way.
Tomasz Wojewoda, head of global sales at Chainlink Labs, emphasized that introducing transparency is essential to the growth and overall health of the DeFi ecosystem. Tomasz added that the venture was pleased that Huobi was implementing its mechanism to enhance HBTC reserves’ transparency.
Edward, the Head of Asset & Commercial Center, reiterated this sentiment, emphasizing that it was crucial for the expansion of the DeFi ecosystem that the risk associated with wrapped tokens be decreased, given that all traditional markets are becoming more interconnected. The token was developed by the Huobi exchange to empower industries with blockchain technology and connect conventional economies to emerging digital economies.
H-Tokens aims to connect DeFi with conventional financial infrastructure in order to increase liquidity. H-Tokens have announced that they will lead the expansion of HBTC on the market by becoming one of the most frequently adopted wrapped assets worldwide.
Interoperability plays a crucial role in managing the risk associated with wrapped tokens; therefore deployment was inevitable. Regularly, the deployed mechanism conducts dependable monitoring of reserves to ensure that the risk is kept to a minimum.
Huobi, a company created in 2013, currently leads the world in the domain of the digital economy. The objective is to advance blockchain technology by integrating it with the industry on a broad scale.
Huobi Group’s expansion into blockchain and the public chain has successfully established a global industry ecosystem for the digital economy. The group has expanded into several regions, namely Gibraltar, South Korea, and Japan, to mention a few. Huobi Group functions on the pillar of providing an Internet of Value that is not just safe but also trustworthy for its users.
Huobi Group’s services are available in over 100 countries and are utilized by millions of customers.
Huobi is the best cryptocurrency exchange in Singapore owing to its user-friendly interface, charting tools, in-depth analysis, and price feeds. The platform is interoperable with all devices, including Windows, iOS, Mac, and Android. For the benefit of users, robust security procedures are implemented to provide numerous layers of protection.
SMS and authenticator apps can be used to provide two-factor authentication for Huobi. Huobi may have a longer-than-average verification procedure, but it offers support for more than 300 cryptocurrencies.
Chainlink Proof of Reserve provides a higher level of assurance for safety and transparency, proving that wrapped assets may do miracles when supported by robust technology.
Source: https://www.cryptonewsz.com/huobi-enhances-transparency-around-hbtc-h-token/