Huobi Global, a cryptocurrency exchange, has declared a strategic partnership with Gala Games, a blockchain-based play-to-earn gaming platform.
Cryptocurrency exchange Huobi Global has entered into a strategic partnership with blockchain-based gaming platform Gala Games.
Founded in China, the now Seychelles-based exchange said the partnership will enable both companies to develop for the Web3 ecosystem.
Huobi and Gala plan to invest in and list projects on Gala’s platform.
Gala Games is a play-to-earn blockchain gaming platform that lets developers create games where players earn crypto or utilise non-fungible tokens (NFTs) to buy and sell in-game items.
Unlike traditional games, once purchased these items belong to the player, not the game’s creator, and cannot be modified or removed without the player’s permission.
Huobi is looking to advance its Web3 objectives through the partnership. Integrating it’s services with Gala’s layer-1 blockchain will improve the gaming platform’s underlying technology.
Jason Brink, president of blockchain at Gala Games, said the integration of its layer-1 network into major exchanges like Huobi is a major step towards achieving mass adoption and usability.
Huobi Global is currently seeking a licence in Hong Kong as new regulatory measures are under consideration by the Chinese special administrative region. The licence would let the crypto exchange offer its services to retail clients.
Huobi has also made clear it plans to expand its services outside of Hong Kong with the launch of a Visa crypto-to-fiat debit card.
The card will be available to Huobi customers in the European Economic Area in the second quarter of 2023.
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