[January 30, 2023] New Huo Technology Holdings Limited ("New Huo Tech", stock code: 1611.HK) is pleased to announce the launch of its Decentralized Staking technical support service —— Sinohope Staking. This is the first layout of a decentralized business since New Huo Tech first entered into the digital asset market, aims to meet the increasing client’s demand, provides a more comprehensive business scope, and further enhances a one-stop mixed industrial digital assets services platform. The first phase of the technical service supports Cosmos public chain and will be expanded to support Ethereum, EOS, LINK and other major public chains in the future.
Sinohope Staking aims to provide safe and professional technical support and services for users to participate in the public chain Staking ecology conveniently and efficiently, without handling or holding any clients ‘assets. Clients gain a robust, relatively low-risk return by becoming one of the nodes of many PoS public chains with full autonomy on participation, operations as well as control on their funds retained. At present, Sinohope Staking does not serve nor allow access from restricted areas and sanctioned areas; restricted areas include Hong Kong.
Staking stems from the consensus mechanism of Proof of Stake (PoS), in which the size of your booking right is based on the proportion of the token you hold to the total number of tokens.Staking allows token holders to earn block rewards and dividends by pledging, voting, delegating and locking tokens. Compared to the Centralized Staking service, Decentralized Staking technology allows clients to retain 100% of their assets, avoiding a series of risks inherited in centralised platforms and giving clients greater control of their assets.
At present, the staking of Ethereum and Cosmos in the industry is attracting attention. Ethereum is the booming, leading ecology and it completed the Ethereum merger on September 15, 2022, and transited from Proof of Work (PoW) to Proof of Stake (PoS) successfully. This means that the era of large-scale graphics card mining has come to an end. In the era of PoS, the value of the Ethereum eco-application is especially favored by the market. As a public chain characterized by modularity and independent ownership, Cosmos is a public chain that has recently received much market attention. Its total ecological value currently amounts to US$10 billion. With the main network now running stably for more than 3 years, it has 53 active IBC chains and the value of total cross-chain transactions has reached over US$30 billion in 2022. It shows that the demand for public chain Staking is on the rise and has great potential in the future.
Sinohope Staking is designed with security and efficiency in mind. The service is easy to operate without any technical background required from participants. With global multi-node deployment, real-time monitoring of node operation process, 7*24h online support, 3-layer wallet structure and multiple signature technologies adopted by a top IT security team, asset security is ensured in multiple aspects.
“We are bullish on the future eco-development of public chains such as Ethereum 2.0 and Cosmos, and hope to become a builder for them," said the head of Sinohope Staking Business. "While the marketing remains bearish at present, it is a good time to create something at a lower cost. After the big wave, the companies that remain strong and healthy in the market will show more value in the next round of the market. Through the professional experience and resources accumulated by the team over the years, we hope to provide participants access to Web3 opportunity with a more convenient, low-cost, low-threshold, and high-input-output ratio approach and build and maintain the decentralized network world together."
New Huo Tech Executive Director and CEO Du Jun said, "Compliance and security are the key themes for the digital asset industry development in this cycle. There are two ways to achieve this: one is to rely on licensed institutions to provide services in compliance with the rules and regulations of the local authorities. Another way is to focus on the technology upgrade and leverage the advantages of decentralization of the crypto world itself, users remain in full control of their assets, i.e., private keys. The upstream, midstream, and downstream companies of the industry have their roles to provide users with quality services and ensure asset security. New Huo Tech will focus on its advantages, actively participate in industry innovation, create values for clients and shareholders, and contribute to the standardized development, integration and innovation of the Web3 industry, which also represents the responsibility and commitment as a listed company."
About New Huo Tech
New Huo Technology Holdings Limited ("New Huo Tech", Stock Code: 1611.HK) is a leading one-stop crypto asset service platform. We are committed to leading traditional finance into the world of crypto assets, with professional, compliant, secure, and efficient services. Currently, the company services cover SaaS, virtual asset management, custody, OTC, lending and strategic investment.
New Huo Tech has a strong point of view on the importance of compliance. We have been actively applying for several virtual asset and finance-related licenses in major global markets. Up to now, New Huo Tech's subsidiaries have successfully obtained: (i) approval from the Securities and Futures Commission of Hong Kong to conduct Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities and to manage portfolios that invest 100% in virtual assets; (ii) registered as a Trust or Company Service Provider ("TCSP") License (Hong Kong) and registered as a Trust Company in Hong Kong；(iii) registered the Money Services Business (MSB) from the Financial Crimes Enforcement Network (FinCEN) in the United States; and (iv) registered the Money Services Business (MSB) from the Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada.