Huobi has integrated Proof of Reserve, a Chainlink service for the HBTC H-token located on the Ethereum mainnet, to provide transparency to its users.
About Integration
With this integration, exchange platform will be able to verify that the BTC reserve on the Bitcoin network matches the HBTC reserve using the Chainlink Proof of Reserve service. Huobi is a crypto exchange serving worldwide. Sundays Deci and DeFi have created H-Tokens to increase liquidity between the markets and strengthen other sectors using blockchain technology, the Ethereum blockchain contains wrapped assets.
We are pleased that Huobi is using Chainlink Proof of Reserve to help increase transparency into the reserves of HBTC. Bringing more transparency to wrapped assets is critical for the health and continued growth of the DeFi ecosystem.”—Tomasz Wojewoda, Head of Global Sales at Chainlink Labs
“Reducing the risks around wrapped assets is critical for the future growth of DeFi. Especially as it becomes more interconnected with traditional markets. By using Chainlink Proof of Reserve, we’re now able to increase transparency around HBTC’s collateralization.”— Edward, Head of Asset and Commercial Center
About Huobi
Huobi is a digital asset exchange that serves in many countries and regions around the world. First established in 2013, Huobi adopts the mission of bringing blockchain technology to other sectors by using blockchain technology. Huobi currently serves more than 100 countries and millions of users.
About Chainlink
Chainlink is a decentralized digital network that is traded worldwide. Thanks to smart contracts, they connect data on the blockchain network to data that is outside of the network, that is, off-chain data. You can think Chainlink, as an application that integrates data in the digital world within the real-world data and integrates it into the blockchain and smart contracts can be made with this data.
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