Huobi Global, one of the world’s leading digital asset exchanges, today announced that HBTC, an ERC20 wrapped BTC issued by Huobi Global, has cross-chained to the NEAR ecosystem (NEAR). From May 20 to 30, users can participate in a high annualized percentage yield (APY) farming event on NEAR.

HBTC’s cross-chain to NEAR, marks its entry into a new phase of development. This also indicates that users can deposit, withdraw, farm and yield HBTC on NEAR in the near future.

Known for its high level of safety, HBTC has been operating for two years since it was issued by Huobi Global. Bitcoin is the largest and most well-known digital asset in the blockchain market by value, so the release of HBTC on the Ethereum chain will bring the same high liquidity as Bitcoin to the decentralized market. Furthermore, the transaction of HBTC is about 12.8 USDT, which is the lowest roundup transaction fee. Featuring fast transaction speeds, the transaction confirmation times of HBTC is reduced from one hour to five minutes. In addition, HBTC strictly abides by the 1:1 vouched asset, which means the assets’ located address will guarantee 1BTC when every 1 HBTC is issued, so users can convert HBTC/BTC under the 1:1 rate whenever needed.

As cryptocurrencies and blockchain technology became more popular, Bitcoin, Ethereum, and other blockchain networks started facing scalability challenges, increased gas prices and transaction costs due to increased demand. The NEAR Protocol focuses on solving these limitations through sharding. Furthermore, it uses smart contracts and adopts the Proof of Stake (PoS) consensus mechanism to secure its network. Several features are implemented in its ecosystem to enhance its performance as well.

Looking to the future, HBTC and NEAR will conduct in-depth cooperation to further develop their respective ecosystems.

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