Huobi Launched Two New Wrapped Assets On Ethereum: Report

Huobi launched two new wrapped assets on Ethereum and traders remained apathetic after the announcement so we are reading more about it in the latest ETH news today.

Following the success of HBTC, the wrapped bitcoin that can be traded on Ethereum is now securing about $70 million in Bitcoin. Huobi Global released the latest H-Token series in the meantime on Litecoin and Bitcoin SV. However, traders and developers don’t seem really interested. Initially announced back in September, the H-token series promised to bring a huge range of assets to Ethereum as the CIO of Huobi and head of DeFi Labs Sharlyn Wu said in a press release, the offerings will be aimed at empowering the decentralized finance ecosystem with a broad range of the collateralized wrapped assets:

“Huobi’s mission in DeFi is to provide the community with more high-quality assets, to make DeFi more inclusive, to make the global financial system better, and to realize the vision of enabling hundreds of millions of people around the world to truly benefit from the development of DeFi.”

It still remains unanswered if traders and Defi developers have an interest in some of the new assets that Huobi is bringing to Ethereum. The two latest offerings saw some scant traffic but the HBSV or the Huobi version of bitcoin SV, launched a week ago, shows that the on-chain metrics see only 12 wallets that currently hold the token including the Huobi exchange wallet. The last time any HBSV was transferred in 35 transactions in total, was almost a week ago.

In the meantime, HLTC, the wrapped  Litecoin which was launched on Friday, has 7 holders and 21 total transactions. There’s still a chance interest in the wrapped coins will pick up in the future. Allen Scott, the analyst, explained that this kind of response to the assets could be because of the current market conditions:

 “Investors are likely unwilling to hold these since there’s little incentive to hold a ‘wrapped’ asset whose market cap is a lot smaller than the wrapper itself, or in this case Ether. Moreover, altcoins have been underperforming vs. BTC in recent months.”

As previously reported, Crypto exchange Huobi enhances ties to the crypto market in Russia, since it is operating idependently in the country since 2018. The exchange has named Vladimir Demin as a CEO of Huobi Russia as the chief advisor of Huobi Global to help fill the void in the crypto industry in the country. Huobi was the first major platform to have a physical office in the country in Moscow more specifically, two years ago, as they tried to train local blockchain talent.