Why Hotbit Launchs Funding Account For Users

Dear users,

After 4 years of development, by starting from spot trading business only, Hotbit's business scope has already expanded into a total of three sections including leveraged ETF and investment. Currently, Hotbit is still the world's top cryptocurrency exchange with the greatest variety of products in each section.

Due to the variety of our products, our users' demands are constantly growing as well. We have always been continuously updating the framework of our three sections, launching new functions and fixing existing problems. Considering the fact that under the restrictions of our previous wallet framework, the entry and exit of the assets of all three sections are conducted through spot trading section only, so that the upgrade and maintenance of any of the three sections will trigger the suspension regarding the entry and exit of the entire platform's assets, which in turn affects the normal operation of the other two sections

In order to solve the problem mentioned above, we decided to upgrade our service further by launching funding accounts, which separates the three sections on our framework and significantly improves the service quality of our three sections.

Due to the upgrade, the process of our user's deposit and withdrawal functions are slightly changed as well, please refer to the instructions below for the changes:
Changes in the process of our deposit function：

By selecting your default deposit wallet on either the deposit interface of our website or App, you may set your default wallet as spot wallet or funding wallet; in case you do not conduct any operation regarding the setting mentioned above, your default deposit wallet will be recognized as spot wallet by system default.

1.  If you set your default deposit wallet as spot wallet, then your experience of deposit transactions will be exactly the same as what you have experienced before, which allows you to conduct spot trading transactions as well.
2. If you set your default deposit wallet as funding wallet, then all your deposit transactions will be credited to your funding wallet, and then you may choose to transfer your balances from your funding wallet into any of our three sections (funding, spot and (or) investment section). Comparing with our previous process, the new option allows you to continue transfering your assets into your leveraged ETF and (or) asset management for investment purposes even if our spot trading services are undergoing maintenance or upgrade.

Changes in the process of our withdrawal function：

If you set your default deposit wallet as funding wallet, before withdrawing your assets, you are required to transferring your assets from any of our other section(s) into your funding wallet first. Comparing with the previous process that requires you to deposit and withdraw all your assets through spot wallet, the new function allows you to continue withdrawing your assets from your leveraged ETF and asset management accounts as usual even if our spot trading services are undergoing maintenance or upgrade.