Huobi Partnering with BitTorrent Chain to Support Layer 2 Development
The Hong Kong-based crypto exchange Huobi joined forces with BitTorrent Inc. to integrate its Layer 2 networks BTTC to the trading platform. On February 27, Huobi and BitTorrent agreed to work together to launch an on-chain system that will address the challenges battling the financial sector. The collaboration aims at supporting the development of decentralized applications(dApps).
Huobi Partnership with BitTorrent
The hype found on the much-awaited intergration of the Huobi and BitTorrent software revolves around several factors. Firstly, BTTC’s cross-chain network is compatible with other open-source blockchain networks, including Ethereum (ETH) and Binance Coin( BNB), resulting in a seamless transaction.
The innovative intersception of the Huobi network into the BTTC ecosystem will push the adoption of dAPPs to soar. Also, the firms will mutually benefit from each other in terms of expertise and technologies.
A February 27 announcement conveyed by Huobi chief executive Justin Sun revealed that firms in the digital space are prioritizing the integration of Layer 2 cross-chain networks to acquire market dominance. Sun argued that Huobi’s latest move would support the development of Layer-2 networks.
Over the past, the crypto exchange has supported blockchain developers to expand to global markets and provided their services to thousands of customers. The Huobi community has more than 50 million customers across the globe who generate $100 trillion for the firm.
At the end of 2022, Huobi’s clientele reached 320 million, placing the company at a competitive edge.
Significance of Layer 2 Network
Therefore, integrating the BTTC Layer-2 network will inspire Huobi to provide crypto trading services to more users and increase the firm’s geographical presence. The partnership will support the developers in executing their projects in an open and secure platform.
Integrating the BTTC Layer-2 network will reorganize the Huobi trading platform by integrating quality products and services that boost customer experiences. In its latest move, Huobi actualizes the 2022 growth strategic plan that was formulated to increase the firm brand value.
The Huobi dedicated team has also geared towards executing the 2022 growth blueprint by equipping the community with basic knowledge of crypto and introducing them to new trends in the digital space. The team revealed plans to adopt emerging technologies to improve the virtual assets’ quality and the community’s well-being.
The February 27 report disclosed that adopting the BBTC Layer-2 network will support Huobi in attaining its objectives.
BitTorrent Contribution to the Development of Layer-2 Networks
In December 2021, key players in the crypto space, including the TRON foundation and BitTorrent Inc., collaborated to launch the BTTC Mainnet. The BBTC network aims to expedite transactions, lower transaction costs, and improve the network’s security.
Additionally, the BTTC network will support the development of unique dAPPs that will provide innovative solutions to retail and institutional investors. The BitTorrent group has worked with best-performing crypto firms, including Ethereum, to integrate an L2 network on its open-source blockchain.
In addition, the company has worked with TRON (TRX) and Binance coin (BNB) developers to release dAPPs that create more value for the community. Recently, BitTorrent developers launched a zero proof of knowledge (ZK) platform to improve the verification of transaction processes.
At the time of writing, BitTorrent native token BTT logged gains of 2.06% to exchange hands at $0.00000728 for the last 24 hours. With the upsurge of BTT prices, its market capitalization increased by 2.27% to value at around $694,478,606.
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