Huobi, a cryptocurrency exchangehas said it would end its Huobi Cloud Wallet platform within five years, in May 2023, citing “strategic and product modifications.”

Maintenance and updates to the multi-token wallet service will formally end on February 13, according to a notification that was posted on the Huobi support website. Users still using the cloud wallet are encouraged to move any cryptocurrencies and non-fungible tokens (NFTs) they have to their primary Huobi accounts or to other wallet addresses.

Huobi Cloud Wallet’s withdrawal and transfer functionalities will continue to work for the next three months; however, users are strongly advised to refrain from transferring digital assets to their cloud wallets during this time. The official date that Huobi Cloud Wallet will be decommissioned is May 13, 2023.

After Huobi Group made a $200 million investment, Huobi Wallet’s name was changed to iToken five months later in May 2022. Huobi Cloud Wallet was first introduced in October 2021 as a feature of Huobi Wallet. It allows users to manage digital assets without the need for private keys and was initially implemented as part of Huobi Wallet.

The provision of a service for custodial wallets was done with the intention of facilitating easier access to applications and services related to decentralized finance (DeFi). Huobi Cloud Wallet users were able to store tokens without having to take responsibility for their own private keys thanks to a third-party management system that kept users’ private keys in escrow.

Huobi Global users were promised seamless synchronization with the cloud wallet service, as well as the ability to move tokens between the two platforms to access a variety of other DeFi projects.

Huobi also made headlines in January 2023 when it delisted 33 different tokens because they had failed various requirements to be listed on the exchange. This made Huobi appear in the news. Following Justin Sun’s acquisition of the business, the stock exchange announced earlier this year that it intended to implement a reorganization that would include laying off twenty percent of its workforce.