Huobi and Gala Games Form Partnership for Web3 Development
Huobi Global, a leading cryptocurrency exchange, has announced a strategic partnership with Gala Games, a blockchain-based play-to-earn gaming platform. The partnership was announced on March 31 in an official blog post by Huobi, which stated that the two companies would work together to develop the Web3 ecosystem.
The collaboration between Huobi and Gala Games will involve investment in and listing of projects within the Gala ecosystem. Gala Games enables developers to create play-to-earn crypto and non-fungible token (NFT) games that allow players to buy and sell in-game items. These in-game items are owned by the players and cannot be modified or deleted by developers without their consent.
The partnership between Huobi and Gala Games is expected to enhance Huobi's Web3 objectives by allowing it to integrate with Gala's layer-1 blockchain. This integration will help to improve the underlying on-chain technology, as stated by Jason Brink, the President of Blockchain at Gala Games. He emphasized that integrating its layer-1 blockchain with major exchanges like Huobi is crucial for achieving the desired level of mass adoption.
Huobi has also announced its plans to expand its services in other regions by launching a Visa-backed crypto-to-fiat debit card. This card will be available to Huobi customers residing in the European Economic Area, and is expected to launch in the second quarter of 2023.
The collaboration between Huobi and Gala Games has been well-received by the cryptocurrency community, with many expressing their support for the advantages of the layer-1 blockchain. This partnership is expected to create new opportunities for both companies, as they work together to develop the Web3 ecosystem.
In addition to the partnership with Gala Games, Huobi Global is also pursuing a license in Hong Kong to cater to retail clients. This move comes in light of new regulatory measures being considered by the Chinese special administrative region. With its ongoing efforts to expand its services globally, Huobi is well-positioned to become a major player in the cryptocurrency industry.