Multi-Crypto Wallet From Huobi Becomes A Tezos Baker, And Will Soon Support XTZ Token

Tezos is having a productive summer so far. Only days ago, Coinbase Pro announced that they were adding support for the cryptocurrency, leading to a boost of over 20% within a few hours. Now, they are teaming up with Huobi, according to a new tweet.

Thrilled to announce that Huobi Wallet will be a #Tezos baker and support #XTZ soon. Tezos is a self-amending blockchain network, and leading the way in POS&governance. As a multi-currency wallet app, it is a no brainer to add XTZ.@tezos @TezosFoundation @TezosCommons @AsiaTezos pic.twitter.com/4LbpKnHuKs

— HuobiWallet (@HuobiWallet) July 31, 2019

Huobi offers a wallet to users of their cryptocurrency exchange, and they’ve just announced that the XTZ tokens will be supported by, agreeing to participate in baking as well. Tezos uses the term “baking” to describe their Proof of Stake (PoS) staking counterpart.

In the tweet, the platform explains Tezos’s role as a self-amending network, which basically means that a hard fork is not required when it updates, due to the on-chain mechanisms and voting procedures. Huobi expresses that Tezos is a leader in both POS and governance, adding that it was “a no brainer to add XTZ” to their wallets.

The Tezos blockchain is seeing recent success as well. BTG Pactual, the biggest investment bank in Latin America, announced that they are shifting its security token offerings to this blockchain. This channel produces approximately $1 billion in sales.

At the time of writing, Tezos was trading at $1.35, showing a jump of almost 11% in the last 24 hours.