Quick take:
- Huobi has announced a strategic partnership with Gala Games for L1 and Web3 development.
- The Seychelles-based company said together with Gala Games they will collaborate in the investment and listing of high-quality projects.
- Earlier this month, Huobi joined BitTorrent’s Chain ecosystem to leverage its cross-chain integration solution.
Huobi has teamed up with Gala Games to help accelerate web3 ecosystem development. The Seychelles-based crypto exchange said in a tweet on Friday the collaboration is for the investment and listing of high-quality projects and will include initiatives like Layer1 integration, cobranding and community development.
According to the agreement, Huobi will integrate Gala Games’ proof-of-stake blockchain, developed specifically for games. The crypto exchange company will also participate in the promotion of the Layer 1 blockchain and list tokens from the Gala Games ecosystem.
Gala Games’ President of Blockchain, Jason “BitBender” Brink expressed his excitement for the partnership stating, “Integration of our layer 1 blockchain into popular exchanges like Huobi is absolutely crucial with the level of mass adoption we’re looking for. This partnership empowers tomorrow’s developers to create a more stable and secure web3 future.”
More details about the strategic partnership will be released in the coming weeks, the company said in a press release on Friday.
Gala Games is one of the leading web3 and metaverse gaming companies. Besides building a Layer 1 blockchain, the company also launched Galaverse, “a new fusion of tech, gaming and creativity,” which hosts IRL (in real life) events in the metaverse.
The company’s native token $GALA boasts a floating market cap of nearly $290 million, a fully diluted capitalisation of $1.45 billion.
On the other hand, the Huobi token $HT boasts a market cap of nearly $590 million and a fully diluted capitalisation of about $1.9 billion. Huobi has been expanding its web3 offerings and now offers Options and Futures trading in addition to crypto and CFDs.The company’s business is built on its proprietary blockchain dubbed Huobi Eco Chain.
Earlier this month, the company announced it will be joining the BitTorrent Chain ecosystem to build a blockchain “Super Network” that will enable it to form a seamless asset exchange by connecting leading smart contract blockchains including Ethereum, Tron and BNB Chain.
Its partnership with Gala Games expands that ecosystem by integrating the blockchain game developer’s layer 1 blockchain.
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