KuCoin has made its presence in the web3 by launching a self-custodial decentralised wallet platform as interest in Web3 grows. The wallet platform will feature cross-chain trading, DeFi, NFT, and GameFi functionality. KuCoin is a cryptocurrency trading site, and its wallet platform is currently available to users on a browser-based platform. The mobile version of the wallet is still in development.
KuCoin is keeping pace with the development in the web3 industry
The development of launching a decentralized wallet for entering into web3 comes to keep the company at par with its competitors like Coinbase, Robinhood etc. in the industry. Recently, with the growing interest in Web3 capabilities, a number of notable cryptocurrency exchanges and service providers have released non-custodial, multi-blockchain wallets.
KuCoin’s new decentralized wallet platform features
The newly launched decentralized wallet platform is integrated into the KuCoin ecosystem and supports cross-blockchain transactions. Users will be able to buy, sell, trade, and send cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Tether (USDT), as well as other tokens. Since the wallet is self-custodial, users have complete authority and accountability for their private keys.
KuCoin Wallet’s plan will involve the adoption of DeFi, NFT, and GameFi services as the cryptocurrency ecosystem continues to accept and promote decentralised finance (DeFi) and nonfungible token (NFT) features.
KuCoin and NFT marketplace Windvane
The new platform is powered by KuCoin’s own NFT marketplace Windvane, allowing users to trade and display NFTs in the KuCoin Wallet. In April 2022, Windvane announced a $100 million Creators Fund to help promote and encourage early-stage NFT enterprises to build on the platform.
KuCoin raised $150 million in pre-series B financing in 2022, valuing the company at $10 billion. The company is planning to use the funds to continue developing Web3, DeFi, and NFT services and offers within its ecosystem. KuCoin Labs and KuCoin Ventures will lead these initiatives, which have already begun with the release of KuCoin Wallet.
Other web3 wallets launched recently
In May 2022, leading cryptocurrency exchange Coinbase implemented Web3 capabilities with a wallet and browser for a restricted number of its mobile app clients. The wallet was providing trading on NFT markets, token swaps and other DeFi services accessible via exchanges like Uniswap and Opensea.
GameStop, an American brick-and-mortar game shop, has followed the web3 developments by launching its own blockchain wallet with an NFT capability. Robinhood also announced a future non-custodial cryptocurrency wallet with cross-blockchain accessibility in May 2022, as well as NFT storage and marketplace access.