Huobi Global announced yesterday that it had suspended the withdrawal and deposits of XLM on its platform. The exchange revealed that the suspension was due to upgrade of its wallet which is scheduled to begin this week.
According to the crypto exchange, there would be an announcement in the coming days on when the suspension would be lifted. Huobi Global is the third largest cryptocurrency exchange in the world.
The wallet upgrade would increase security, Scalability and faster transactions within its exchange.
Huobi To Create New Blockchain
This development is part of a number of moves that Huobi has embarked upon in the past few weeks.
Huobi Finance Chain
Its parent company Huobi Group had earlier revealed that it was building a new public blockchain aimed at creating solutions within decentralized finance. The blockchain according to the report would be called Huobi Finance Chain.
The purpose of the blockchain would be to offer different services such as security token offerings, stablecoins, host lending services and other asset issuance services.
Huobi would be partnering with blockchain network Nervos for the project. Nervos uses proof of work blockchain that supports scaling and decentralized digital assets.
The blockchain platform has also hosted decentralized exchanges and Huobi believes that its latest innovation would thrive on Nervos blockchain.
The exchange also revealed that the open source project would have support for multiple assets. It envisages developers would jump on board to use it to create DApps.
About Stellar Lumen (XLM)
Meanwhile, Stellar Lumens (XLM) has not seen the best of markets this year in comparison with 2018. This has been accentuated by the fact that other top coins have seen price increases as high as 100 percent this year. The coin is ranked 12 on the crypto market charts and made a loss of three percent in the past 24 hours and is currently priced at $0.101717.
This could be as a result of the announcement from Huobi as the exchange platform has a large number of XLM traders even though it has not been a top performer this year.