Decentralized oracle solution, Umbrella Network, announced their partnership with Huobi on Twitter:
“We are excited to announce that Umbrella Network has entered into a partnership with @HuobiGlobal with @Huobi_pool joining as an official validator partner. Huobi only supports leading projects in the space, so this is a great show of support for $UMB.”
Huobi is one the largest digital asset exchanges globally, managing trading volumes in billions of dollars. The partnership will improve the information that can be accessed and used by those relying on the Umbrella Network.
Partnership Raises Stakes For Umbrella’s Future
Huobi Pool, Huobi’s mining and staking division, will join Umbrella’s ecosystem too. This will aid Umbrella with operational and technical expertise in staking and become the network’s validator partner. Umbrella features a Merkle tree solution and a delegated proof-of-stake architecture to package large amounts of data at lower costs.
Huobi, highly selective of who they run validator modes for, work with leading projects such as Polkadot, Aave, and Crypto.com. Thus, the partnership validates Umbrella’s technology and its use cases and gives the network more stability than it currently has. Other validators that have joined Umbrella to take part in its public testnet are HashQuark and InfStones.
Umbrella Network’s Partner, Sam Kim, stated that it was a privilege to have Huobi join them as one of the network’s early validators. He further added,
“(It) is another further step by the DeFi community to grow the mainstream adoption of fast, scalable, and low-cost decentralized oracles. With global leadership as a leading cryptocurrency exchange as well as a prominent provider of staking solutions, Huobi will be an invaluable partner and validator in Umbrella’s ecosystem.”
Huobi Pool And Umbrella’s Synergetic Partnership
Huobi pool is designed to solve challenges faces by miners and stakers by providing them with efficient solutions and opens up an effective channel between the exchange and the miners. It is one of Huobi’s fastest-growing divisions and will help Umbrella expand its network of professional validator partners.
This is a huge step for Umbrella in light of its mainnet launch due in the summer. Umbrella, in return, will offer Huobi more accurate and cost-effective data for the users of the exchange. Commercial Director of Huobi Pool, Zero Zhu, said in a statement,
“We strongly believe in the quality of the services that Umbrella provides and we are proud to join their network as a validator node. As Umbrella continues to establish itself among oracle network solutions, we are excited to enter into this partnership and look forward to seeing what the future holds.”
About Umbrella Network
Umbrella Network is a community-owned Layer-2 oracle network. It produces information that is inexpensive, scalable, and secure. Umbrella uses a Merkle Tree that is rolled and anchored to Ethereum along with a proof-of-stake consensus model allowing the network to write multiple data points on a single blockchain transaction. This enables Umbrella to offer more data pairs for crypto markets as well as for derivatives and equities.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.