Want to manage your digital assets without needing to keep a private key? Huobi Wallet’s newly launched feature has got you covered.
‘Cloud Wallet’ is designed to facilitate the use of DeFi (decentralised finance) applications by removing the need for private keys out of the process — making the digital asset space a lot less intimidating for new users.
People entering the world of DeFi are learning how to use wallets to store their digital assets. In order to manage a non-custodial wallet, one must maintain their own private key, which can be convoluted and inconvenient for many. Additionally, users that forget or lose their private key will not be able to retrieve their assets in the future.
By utilising Cloud Wallet, users can bypass that process due to a third-party management system that keeps their private keys safe via key escrow — a secure cryptographic key storage method. Users can be confident that their assets would remain 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. 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.
Liser Lee, Head of Huobi Wallet
To those new to DeFi, choosing which projects to participate in and invest in can sound like a tall order. Cloud Wallet launches select projects that are quality enough so that users can participate in the ecosystem without needing to screen the projects themselves.
Moreover, Cloud Wallet syncs with the Huobi Global seamlessly so that users can participate in the DeFi space via their existing Huobi Global account. The process of transferring assets from Huobi Global to Cloud Wallet is fast too.
Users are also able to directly participate in select HECO projects through Cloud Wallet without switching between DApps (decentralised apps).