Huobi Is Using Chainlink Proof of Reserve To Enhance the Transparency of HBTC

HuobiPublished on 2022-11-23Last updated on 2022-11-23

Abstract

Huobi is a digital asset exchange that serves tens of millions of users across the globe.

We’re excited to announce that Huobi is using Chainlink Proof of Reserve (PoR) to help provide transparency around its HBTC H-Token on Ethereum mainnet. By using Proof of Reserve, the amount of BTC in Huobi’s reserves wallets on the Bitcoin blockchain can be verified to match the number of HBTC—Huobi’s wrapped BTC token—on Ethereum. Huobi is using Proof of Reserve in its off-chain system to verify HBTC is fully collateralized prior to minting.

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Huobi is a digital asset exchange that serves tens of millions of users across the globe. As part of our mission to empower a multitude of other industries with blockchain technology and connect the traditional and digital economies, we created H-Tokens. Serving as a bridge between CeFi and DeFi markets that significantly improves liquidity, H-Tokens feature a suite of wrapped assets on Ethereum, backed by digital assets on other blockchains. HBTC is leading the growth of the H-Tokens ecosystem and is already one of the most widely adopted wrapped assets in the blockchain space.

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Reducing the risk of wrapped assets is essential for greater interoperability within DeFi. Chainlink Proof of Reserve enables the reliable and timely monitoring of off-chain or cross-chain reserves.

“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

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“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 Commerical Center

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About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

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Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

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About Huobi

Founded in 2013, Huobi Group is a world-leading company in the digital economy industry, with a mission to make breakthroughs in core blockchain technologies and integration of blockchain technology with other industries. Surrounding the upstream and downstream sectors, Huobi Group has expanded into industry blockchain, public chain, digital assets trading and wallet, digital economy research, etc., and has established a global industry ecosystem for the digital economy.

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Huobi Group is licensed for digital asset services in many countries and regions across the globe. It has established regulated entities in many countries and regions, including Japan, South Korea, Gibraltar, and more. With the principle of globalization, professionalism, compliance, and diversification, Huobi Group is dedicated to providing safe and trustworthy Internet of Value (IoV) services to its tens of millions of users in more than 100 countries and regions.

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