Huobi Global Join Forces with Gala Games for L1 and Web3 Development
Huobi, a leading blockchain, and cryptocurrency exchange has announced its partnership with Gala Games, a blockchain-based gaming platform, to collaborate on L1 and Web3 development.
L1 development (Layer 1) is the creation of a blockchain network’s primary protocol layer. This layer contains the consensus process, transaction validation, and other essential network functions. Typically, L1 development is dedicated to enhancing network operation, flexibility, and security.
The two companies will join forces to create and integrate blockchain technology into gaming and other Web3 apps as part of their agreement. This will involve investigating the usage of Huobi’s blockchain network to improve the performance and sustainability of Gala Games’ platform, as well as investigating new blockchain use cases in the gaming world.
Gala Games allows developers to create blockchain and nonfungible token (NFT) games that allow users to buy and sell in-game stuff. Once bought, developers cannot change or remove these in-game objects without the players’ permission.
The Huobi Gala Partnership will Help Web3 Expansion for Both
Huobi’s partnership with Gala Games is intended to advance the former’s Web3 goals by enabling it to interface with the Gala layer-1 blockchain to improve the fundamental on-chain infrastructure. Gala Games’ president of blockchain, Jason Brink, has claimed that linking its layer-1 blockchain with large exchanges such as Huobi is essential for reaching the desired level of mainstream acceptance.
Huobi announced the collaboration with Gala Games on Twitter, with the community voicing support for the partnership due to the benefits of the layer-1 blockchain. According to the cryptocurrency exchange company, the partnership will center on the financing and listing of high-quality projects through cobranding and community growth.
Huobi Global is currently pursuing a license in Hong Kong in light of new regulatory measures being reviewed by the Chinese special administrative region that would allow the platform to serve retail clients.
Huobi has also revealed plans to expand its services into new markets by developing a Visa-backed crypto-to-fiat debit card. This card will be accessible to Huobi users in the European Economic Area when it launches in the second quarter of 2023. According to the deal, Huobi will incorporate Gala Games’ proof-of-stake blockchain, which was built exclusively for gaming. The cryptocurrency exchange will also promote the Layer 1 blockchain and list tokens from the Gala Games ecosystem.
Jason “BitBender” Brink, President of Blockchain shared his positive remarks on the collaboration: “Integration of our layer 1 blockchain into popular exchanges like Huobi is very necessary with the degree of mass acceptance we’re going for. This collaboration enables new developers to build a more robust and secure web3 future.”
About Gala Games
Gala Games is a significant provider of web3 and metaverse gaming services. In addition to developing a Layer 1 blockchain, the company launched Galaverse, a “new combination of technology, gaming, and creativity” that holds IRL (in real life) activities in the metaverse.
The floating market cap of the company’s native token $GALA is almost $290 million, with a total equity capitalization of $1.45 billion.
Gala Games’ emphasis on player ownership and control of in-game assets is one of its distinctive aspects. Players can use the blockchain to own and trade their in-game assets, which are safely and transparently kept on the blockchain. This results in a more balanced and decentralized gaming ecosystem in which players have more authority over their gaming experience.
Gala Games has also launched its own cryptocurrency, the GALA token, which can be used for in-game purchases and platform activities. The token is intended to offer a more smooth and safe means for users to make platform transactions, as well as a new investment option for cryptocurrency traders.
Huobi token $HT
The Huobi token $HT, on the other hand, has a market cap of roughly $590 million and an operating income capitalization of approximately $1.9 billion. Huobi has expanded its web3 products and now includes options and futures trading in addition to bitcoin and CFDs. The company’s operations are based on its customized blockchain, Huobi Eco Chain.
Earlier this month, the company declared its intention to join the BitTorrent Chain ecosystem in order to create a blockchain “Super Network” capable of forming a smooth asset exchange by integrating leading smart contract blockchains such as Ethereum, Tron, and BNB Chain.
Gala Huobi Collaboration
Its collaboration with Gala Games broadens that network by incorporating the layer 1 blockchain of the blockchain game developer. Ultimately, the collaboration between Huobi and Gala Games is an important step forward in the continuing integration of blockchain technology and gaming. Further partnerships and collaborations like these are likely to develop in the years to come as more organizations begin to explore the capabilities of blockchain-based gaming.
Check out more news and updates on the Web3 gaming industry by heading to our website. You can also check hundreds of blockchain game reviews there.
