Huobi HTX announced the integration of Fireblocks Off Exchange, aiming to provide users with additional solutions for trading security.
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Huobi HTX announced the integration of Fireblocks Off Exchange, aiming to provide users with additional solutions for trading security.
Both parties, powered by Fireblocks' self-custody solution, enable their customers to directly trade on the Huobi HTX platform.
Navigating Web3 tides with focused insights
On July 18, Huobi HTX announced the integration of Fireblocks Off Exchange to reduce counterparty risk on exchanges. As the first true solution to mitigate counterparty risk, Fireblocks' Exchange Mapping feature enables institutional users to trade using MPC technology and on-chain settlement while maintaining direct control over their mapped assets. Over the past 90 days, this network has secured over $200 billion in transactions between institutional users and more than 30 connected exchanges.
Previously, in March 2023, Huobi HTX signed a strategic agreement with Fireblocks and launched the Fireblocks Network. The agreement indicated that both parties would leverage Fireblocks' self-custody solutions to enable customers to directly conduct trading on the Huobi HTX platform.
Fireblocks: Leading Technology with Real-Time Settlement
Unlike third-party custody solutions, Fireblocks uses MPC technology to allow counterparties to eliminate risk by locking funds in MPC-secured collateral wallets.
Sun Yuchen, member of Huobi HTX's Global Advisory Board, highly praised this collaboration, stating: "Through our partnership with Fireblocks, Huobi HTX will provide users with a safer trading environment and significantly enhance the trading experience. Huobi HTX is committed to building a world-leading one-stop trading platform and earning the trust of millions of global users."
Michael Shaulov, CEO and Co-founder of Fireblocks, said, "Exchanges are increasingly seeking innovative technologies and institutional-grade security to address challenges related to counterparty risk and ensure customer funds are protected. Fireblocks' Off Exchange asset mapping functionality provides Huobi HTX with the ability to monitor and verify customers' on-chain collateral, implement risk management without taking custody, increase asset liquidity, maximize capital efficiency, and create a safer digital asset trading environment."
Huobi HTX Continuously Enhances User Trading Experience, Striving for Free Trading in the Crypto World
The launch of Fireblocks' functionality marks a significant milestone in further reducing counterparty risk in cryptocurrency trading. Huobi HTX's collaboration with Fireblocks was driven by its fundamental technological innovation in reducing risks while simultaneously increasing liquidity. Adhering to the principle of "users first," Huobi HTX will continue to reduce trading risks and improve user experience, working alongside Fireblocks toward creating a freer trading environment in the crypto world. It is reported that users from both sides can now use their Huobi HTX accounts to complete instant transfers, payments, and other operations, effectively enhancing the connectivity of the Huobi HTX platform and providing global users with greater investment opportunities.
About Huobi HTX
Established in 2013, Huobi HTX has evolved over ten years from a cryptocurrency exchange into a comprehensive blockchain business ecosystem encompassing digital asset trading, financial derivatives, wallets, research, investment, incubation, and other services.
Huobi HTX is a leading global Web3.0 gateway. Our global capabilities enable us to deliver secure and reliable services to users worldwide. Committed to a development strategy centered on global expansion, ecosystem prosperity, wealth effect, and security compliance, Huobi HTX offers comprehensive value and services to cryptocurrency enthusiasts around the world.
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