Wednesday, October 5, 2022

KuCoin Announces the Takeoff of its Decentralized Wallet

KuCoin, a secure cryptocurrency exchange platform is widening its reach in the Web3 ecosystem with the launch of its decentralized wallet which went live earlier this week.

The decentralized wallet dubbed KuCoin Wallet is part of plans by the trading platform to broaden its native ecosystem in the Web3 sphere.

The platform also intends to launch the mobile app version of the wallet later in June. Users can access the services of the wallet but in the beta version.

Features of the KuCoin Wallet

The browser-based wallet backed by the KuCoin ecosystem permits multi-chain aggregation. Users can trade several cryptocurrencies which include Bitcoin (BTC), Ethereum (ETH), and other digital assets.

Designed to offer users passage to Web3, the KuCoin wallet is a one-stop platform for users to trade, hold, and view Non-fungible Tokens (NFTs) collections while also managing their multi-chain valuables.

The platform’s boss Johnny Lyu mentioned that crypto wallets have since advanced as an instrument to hold visual valuables. He further said that a crypto wallet is a requirement in joining the emerging Web3 environment.

The self-custodial wallet allows its users total custody over their assets as the users are in charge of their passphrases. This in turn guarantees the security of their valuables.

Furthermore, Windvane, KuCoin’s native NFT marketplace will be incorporated into the wallet. This allows users to carry out several operations all within the wallet. In the same vein, users will also be allowed to trade, store, and view their NFT collections.

Jeff Haul, KuCoin’s wallet boss, ascertained that users of the new wallet can invest in a range of NFT collections. He also noted that the platform looks to meet the needs of all categories of investors.

KuCoin Planned Entry into the Web3

In April, the exchange app through its venture arm, KuCoin Ventures, and its NFT marketplace Windvane declared openly a $100 million fund set aside for creators in Web3.

The developer’s fund dubbed KuCoin Creator’s fund was dedicated to bankrolling emerging NFT projects. The areas focused on include sports, arts, celebrities’ profile pictures, GameFi, and Asian culture.

The platform also attained a $10 billion valuation in May after it secured $150 million in a Series B financing session led by Jump crypto.

The funds were used to strengthen the platform’s position in the Web3 sphere. As it hoped to extend into crypto wallets and other products offered at that time.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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