KuCoin launches decentralized wallet and ventures into Web3

KuCoin launches decentralized wallet and ventures into Web3

KuCoin has officially launched its own crypto wallet with cross-blockchain trading, NFT, Defi and other web3 features

By Shashank Bhardwaj

Image: Shutterstock

Cryptocurrency trading platform KuCoin is ready to make a foray into the Web3 world with the launch of its new decentralized wallet. The wallet is live for users and will soon be launched as a mobile app later in June.

KuCoin wallet users will be able to buy, sell, trade, send and receive various cryptocurrencies including Bitcoin (BTC), Ether (ETH), Tether (USDT) and other similar tokens. The wallet platform can connect to the KuCoin exchange ecosystem. Also, it provides users with cross-blockchain and multi-chain aggregation. The portfolio is self-contained in nature. This means that users grant full control and responsibility for their private keys. Its security has been audited by Hacken.

“As a gateway to the Web 3.0 network, crypto wallets are an important requirement for users to participate in the decentralized ecosystem and have developed much more than just a tool to store digital assets,” said the CEO of KuCoin, Johnny Lyu, “The launch of the official KuCoin Wallet website is further evidence that shows KuCoin’s determination to enter the Web 3.0 realm at a critical time, with our goals going beyond centralized trading services and of entering the decentralized world to further expand its activities.

The mobile app version is still under development. Open beta testing will soon be available for users in the coming days. KuCoin wants to reflect the crypto ecosystem’s support and acceptance of decentralized finance (Defi), non-fungible tokens (NFT), GameFi, etc. In time, KuCoin wants to bring these Web3 features to its wallet platform to provide users with a Web3 experience.
The wallet will also integrate KuCoin’s Windvane NFT marketplace, which will allow users to buy, sell, and trade NFT collections directly within the KuCoin wallet. Besides the NFT marketplace, which was established by KuCoin some time ago, a $100 million Creators Fund has also been established to empower early-stage Web 3.0 and NFT projects.
Jeff Haul, KuCoin Portfolio Manager, said, “KuCoin always hopes to better meet the needs of all categories of investors. The release of KuCoin Wallet official website is a further step for KuCoin to explore in Web 3.0.

The company raised $150 million in a Series B funding round and plans to use the fundraising for the development of Web3, NFT and Defi service offerings within the ecosystem. KuCoin Labs and KuCoin Ventures will continue to work towards these goals – the first goal has already been achieved with the launch of the crypto wallet.

The writer is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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