Exploring the New Cooperation between MPC and Huobi: Streamlining User Asset Security

On April 14th, it was announced that the MPC self custody platform under Xinhuo Technology Holdings Co., Ltd. (1611. HK) has officially entered into an Openloop clearing and settlement network cooperation with the crypto asset trading platform Huobi Huobi. Through this cooperation, it will effectively help users achieve the separation of fund security custody and trading behavior, allowing users to complete transactions with their own funds without leaving their self custody account, improving user asset security.

Huobi and New Fire Technology’s MPC self hosting platform have reached an OpenLoop settlement network cooperation

The way we think about finance, transactions, and asset security is changing with the rise of crypto assets. As more people move towards cryptos and blockchain-based platforms, it is essential to consider the safety of our funds and wallets.
On April 14th, 2021, MPC self-custody platform under Xinhuo Technology Holdings Co., Ltd. (1611. HK) officially entered into an Openloop clearing and settlement network cooperation with the crypto asset trading platform Huobi. With this news, it is anticipated to improve user asset security by allowing users to complete transactions with their own funds without leaving their self-custody account.

What is the MPC Self Custody Platform?

The MPC self-custody platform offers users robust encryption and decentralized storage to secure their assets. Essentially, users can act as their bank by holding and managing their digital assets without relying on a third party, improving their security and control.
The platform utilizes Multisignature (MPC) technology, which enables users to maintain full control of private keys while splitting the asset’s control among multiple devices or people. MPC breaks the private key into several parts stored in different hardware devices, ensuring that no single entity can access an individual user’s assets while preserving the user’s access.

What is Huobi?

Huobi is a crypto asset trading platform that offers users a wide range of trading products and services. It is one of the oldest and most popular exchanges in Asia, enabling its users to trade, buy and sell different cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and more. Also, the platform is known for its highly secure environment where every user’s trading experience is fully protected.

How the Cooperation between MPC and Huobi Works?

The OpenLoop clearing and settlement network provides users with an effective way to handle the separation of fund security custody and trading behavior. It involves the integration of a community of partners that support trust, transparency, and interoperability between different blockchain systems. Through this cooperation, MPC and Huobi aim to promote a more secure trading experience for users by enabling them to trade without relinquishing their asset’s security to third party custodians.
In simpler terms, when a user wishes to make a trade on the Huobi platform, they can do so without moving their assets from the MPC self-custody account. This reduces the risk of third-party intervention that could negatively affect user asset security.

The Benefits of the Cooperation

This partnership brings numerous benefits to the crypto community, including:

Enhanced Asset Security

Perhaps the most significant benefit to this partnership is the improvement of asset security between the two platforms. The less users need to put their assets at risk, the more confidently they can engage in crypto trading.

Streamlined User Experience

By leveraging the OpenLoop network system, users can complete transactions faster, more efficiently, and more securely. This integration significantly increases user confidence in the crypto trading platforms and process.

Lower Cost and Transparency

With Huobi and MPC coming together, users can now benefit from minimal fees when conducting transactions. The use of blockchain technology also creates a transparent system that ensures no hidden fees or charges.

Conclusion

The partnership between MPC self-custodial platform and Huobi is a significant development in 2021, where financial security is a crucial aspect of daily life. This cooperation enables users to trade with confidence, reinforcing trust in the crypto asset trading world. Investors and traders can now take advantage of the benefits of the secure MPC self-custody platform and the trading services of Huobi without sacrificing their assets’ security.

FAQs

**Q1) Is it safe to trade without relinquishing the asset’s security to third-party custodians?**
Yes, it is safe to trade on the Huobi platform without a third-party interfering with the assets’ security through MPC’s self-custodianship.
**Q2) Will the trading fees be lower with the cooperation of Huobi and MPC?**
Yes, the partnership of Huobi and MPC will allow users to benefit from minimal fees when conducting transactions.
**Q3) What makes MPC different from other storage and self-custody platforms?**
MPC breaks the private key into several parts stored in different hardware devices, ensuring that no single entity can access an individual user’s assets while preserving the user’s access.