Huobi, the top crypto trading exchange, has declared an exclusive collaboration with a DEX aggregator named RocketX. The partnership is focused on providing an advanced trading experience to the consumers of both parties. Additionally, the users of RocketX and Huobi will potentially get more liquidity and further growth as a result of this partnership. Huobi took to Twitter to declare the latest tie-up with RocketX.
Huobi Announces a Collaboration with RocketX to Improve Trading Experience and Liquidity Access
In the declaration, Huobi announced that the partnership is strategic and centres around both entities’ development. The company disclosed that Huobi will be benefited from the user interface and APIs of RocketX to access liquidity to a further extent. This development takes place a few days after the start of a proportion by the crypto exchange. In this respect, all the transfer fees implemented on the TRC-20 tokens were lifted by Huobi Global for up to 1 month.
The promotion campaign is deeply linked with the partnership and targets to fortify the existing connections with the consumers. Huobi Global is included in the crypto entities which have been influenced by the stringent bear market. Back in October this year, the platform saw a modification in ownership. At that time, the crypto exchange declared in its blog post that the controlling shareholder of the company has traded all the shares possessed by them.
Huobi’s Proof of Reserves Trigger Questions over Its Transparency
Apart from that, a report pointed out that the takeover contract is the largest to occur since the beginning of the ongoing crypto winter. As per the report, nearly $3B was the worth of the takeover contract. Then after the crash of the FTX crypto exchange in the early days of November, Huobi started the movement of issuing proof of reserves. By doing this, the crypto exchange is intended to get the users’ trust back. Nevertheless, the move rebounded and questions were raised about the platform’s transparency.
Sometime after disclosing the proof of reserves, the company transacted 10,000 tokens from its hosted wallets to OKX and Binance-based deposit wallets. Huobi subsequently elaborated that disclosed addresses were associated with a hot wallet address. It additionally claimed that the funds of the clients were secure and that they can carry out their withdrawals or deposits without any restriction.
