The Singapore based digital asset exchange, Huobi Global, is currently in the news for numerous developments. The most prominent one among all is undoubtedly the suspension of ZCash’s deposit and withdrawal against a noteworthy reopening of Monero deposit and withdrawal. The leading blockchain asset financial service provider has promptly produced justified reasons for these critical developments to the thoroughly surprised market analysts.
According to the representatives of the exchange, the withdrawal of ZCash transactions from the exchange is predominantly due to its most recent Sapling hard fork. The comprehensive update is still in its initial phase and may exhibit many bugs and glitches. The Sapling hard fork will increase efficiency, primarily for private transactions, progressively developing them in record time, consuming a mere 40 MB or even less.
The digital trading exchange also assured that once the Sapling update gets verified and efficiently implemented, the cryptocurrency shall stabilise, following which Huobi Global will enable the ZCash transactions again.Huobi Global embraces Privacy-focused Monero for the Second Time Click To Tweet
The second notable development is the exchange’s reinstated transactions of the already suspended cryptocurrency, Monero. Announced on its official blog, the news did not have any significant impact on the market cap of Monero. Reports state that everyone expected this indifferent market response as more than 75 per cent of Monero’s trading is regulated by the South Korean Exchange giant, Bithumb.
Previously, during the fall of this year, Huobi grabbed headlines with its discontinuation of Monero transactions with a similar reason. The pause was carried through due to Monero’s node upgrade.
Established in 2013, Huobi Global is now one of the globe’s largest digital asset exchanges, maintaining an aggregated annual trading volume of nearly US $1 trillion. Huobi currently assists 5 million users in over 130 countries, adequately accounting for more than half the digital trading transactions.