Huobi Wallet Adds Support for Decentralized Finance Apps MakerDAO and Compound

Francisco Memoria

Huobi’s multi-currency wallet, Huobi Wallet, has added support for two decentralized finance (DeFI) projects – Compound and MakerDAO – in an expansion into the ecosystem.

According to a press release shared with CryptoGlobe, Huobi Wallet will now be supporting all decentralized applications and tokens associated with these projects, which are mainly focused on the Ethereum blockchain.

The document notes the Maker project is comprised of a decentralized stablecoin – Dai – collateral loans, and community governance. Huobi’s multi-currency wallet supports the stablecoin, as well as its MKR token and CDP Portal which lets users take collateralized debt positions.

MakerDAO, Maker’s decentralized portal, is fully managed by smart contracts. The project has created a lot of buzz in the cryptocurrency space over the popularity of its Dai stablecoin, which has been listed on various major exchanges.

Compound, on the other hand, is an open-source autonomous protocol allowing users to lend cryptocurrency and earn interest on their holdings, or borrow on the platform at a specific rate. Huobi Wallet’s support meaning users will be able to use the Compound decentralized application directly from the wallet.

Livio Weng, Huobi’s chief executive, was quoted as saying:

We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public. Both Compound and MakerDAO share our vision and we're happy to add support for them.

Compound’s founder and CEO, Robert Leshner, added that decentralized financial applications will “lead to a wealthier, more connected world,” but have so far been difficult to access. Per his words, this type of partnership will help more users access DeFi platforms.

The move comes shortly after Huobi Wallet partnered with Equiilibrium, the framework behind an EOS-based stablecoin called EOSDT, to add the cryptocurrency to the multi-currency wallet.