Huobi Cloud to Work with BlockGames To Bring Blockchain Tech to Online Gaming
Huobi Works with BlockGames To Bring Blockchain Technology to Online Gaming
The blockchain exchange provider Huobi Cloud has decided to partner with BlockGames in order to bring the decentralized nature of blockchain technology to online gaming. The information has been released on Monday 17 via a press release.
Backed by BlockGames, the new project is called BG-top and will be using blockchain technology to improve online gaming.
The main intention is to create a fully functional cryptocurrency exchange and a market for developers to exchange video games.
The official press release reads as follows:
“The venture is presently a fully-functional cryptocurrency exchange but will, in time, develop into a boundary-less, decentralized environment where game developers, investors, and even everyday gamers can come together to buy, sell, fund, develop and launch video games through the use of blockchain technology.”
Huobi has been working in order to expand its company around the world. Some time ago, its subsidiary Huobi Japan, became a majority stakeholder in an exchange known as BitTrade.
Moreover, Huobi explained that it wants to continue expanding in the market with new mutually beneficial partnerships.
In the past, Huobi Research published a special report about why the gaming industry has strong potential to leverage blockchain technology. There are currently several companies that are registering important returns within the gaming sector due to the fact that they are centralized.
But this situation increases the pressure on developers and does not allow gamers to feel that they really own in-game assets. Moreover, the game has a clear risk of inflation without control.
Huobi wants to solve these problems by using distributed ledger technology. This would, for example, give ownership of assets to the players. Moreover, developers would be able to connect through the blockchain with traditional video game companies and help them meet their infrastructure needs.
At the moment, Huobi has teams in several countries, including Japan, South Korea, Hong Kong, Thailand, Australia and the United Kingdom. Currently, the exchange is the third most important in the market with a trading volume in the last 24 hours of over $736 million dollars.