Cryptocurrency exchange Huobi on Wednesday announced that its wallet platform would back Tezos blockchain and add support for its token XTZ.

Announced with a tweet, Huobi Wallet did not specify any timeline for the integration.

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Thrilled to announce that Huobi Wallet will be a #Tezos baker and support #XTZ soon. Tezos is a self-amending blockchain network, and leading the way in POS&governance. As a multi-currency wallet app, it is a no brainer to add XTZ.@tezos @TezosFoundation @TezosCommons @AsiaTezos pic.twitter.com/4LbpKnHuKs

— HuobiWallet (@HuobiWallet) July 31, 2019

A versatile blockchain

Launched in September 2018, Tezos is a self-amending blockchain that can be upgraded without a hard fork. It also offers its stakeholders the opportunity to vote on-chain for proposed upgrades.

The proprietary token of the exchange was recently listed on Coinbase Pro, following the addition of its support on the US-based exchange’s custody platform, Coinbase Custody, in March. This also pushed the price of the token, which went up 212 percent since March.

Per Coinmarketcap.com, each XTZ token is trading at $1.25, as of press time, gaining more than 20 percent in the last seven days.

In 2017, Tezos also raised $232 million via initial coin offering (ICO) to list its name among the largest token sales.

Considering the versatility of the blockchain, Banco BTG Pactual, one of the largest investment banks in Brazil, last month, announced that it will launch a billion-dollar security token offering (STO) using the Tezos blockchain.

After re-establishing its business from Singapore, Huobi is now expanding its reach in the global map and entering new jurisdictions with its services. The exchange also launched a trading platform in the US and opened up offices in Turkey and Russia.

Last month, the exchange also signed an agreement with Paxos and Stable Universal to launch a new US dollar-backed stablecoin.