Seychelles-based cryptocurrency exchange, Huobi has collaborated with SPACE ID to launch a new web3 name service. According to an official blog post, the web3 name service; SPACE ID SBK will aid Huobi users to create a unique web3 profile. As revealed, the initiative is a multi-chain name service which makes it compatible with collaborative projects.Â
More so, with the introduction of the name service, users can withdraw assets to their web3 name addresses. Additionally, these addresses include .bnb and .arb name service. As indicated, the SPACE ID SBK is targeted at streamlining the withdrawal process of users’ assets across various chains. In the blog post, Huobi revealed that the initiative will help improve users’ experience and enhance its security measures.
Underlining the relevance of the project, the cryptocurrency exchange noted the project will help promote the development of its ecosystem. Also, Huobi highlighted how virtual identities have gained prominence of late. The cryptocurrency exchange added that the SPACE ID SBK will provide users with total control over their virtual assets. Lately, Web3 name services are making a rave in the crypto space. This is due to the decentralization and interoperability they offer.
Furthermore, web3 domain names are like registries in the control of users, providing users full custody of their domain profile. Presently, projects like the Ethereum name service, Magic Eden Marketplace, and Unstoppable Domains are popular web3 name services. Meanwhile, with the introduction of SPACE ID SBK, Huobi has joined the list of web3 profile providers.
Sidenotes about Huobi
Ranked 13th on the list of crypto exchanges with the largest trading volume, Huobi is focused on strengthening its market presence. On February 20, 2023, Binbits reported that the Seychelles-based cryptocurrency exchange extended its services to Hong Kong. According to the CEO of Huobi, Justin Sun, the exchange will comply with local regulations in the region.
However, Huobi with the latest introduction of the SPACE ID SBK further bolsters its growing presence in the web3 landscape. In March 2023, the exchange partnered with Gala Games to support web3 projects. As reported, the collaboration is aimed at supporting developers to build a stable and secure web3 landscape. Likewise, the initiative birthed the crypto exchange’s integration of Gala layer-1 network to support the underlying on-chain innovation.