Huobi, one of the world’s leading cryptocurrency exchanges, recently announced that it would be closing its Huobi Cloud Wallet. The closure will take effect on October 31st 2020 and is part of Huobi’s efforts to improve their user experience.
The cloud wallet was launched in 2018 as a way for users to store digital assets securely. It provided users with an easy-to-use interface and advanced security features such as two factor authentication (2FA) and multi-signature wallets. However, due to increasing demand from customers for more secure storage options, Huobi has decided to close the service in order provide better services elsewhere within their platform.
As part of this process they have also released a new version of the MyEtherWallet app which provides additional security features including hardware wallet support and improved account management functions such as transaction history tracking . This new app offers enhanced protection against malicious actors by providing greater control over private keys compared with other online wallets or exchanges where your funds are held centrally by third parties who may not always follow best practices when it comes to data security measures .
In addition , all existing cloud wallet customers will be able migrate their funds into either cold storage solutions or other hot wallets offered through Huobis platform without any fees being charged until December 15th 2020 . After this date , any remaining balances left in these accounts after January 1st 2021 will incur a fee equal 0 5% per month up until all balances have been cleared out completely
By taking these steps , HUOBI is demonstrating its commitment towards providing safe & secure crypto asset management while simultaneously offering more choice & flexibility when it comes storing digital currencies safely & securely.