KuCoin exchange launches decentralized wallet

Cryptocurrency exchange KuCoin has launched a new decentralized wallet platform as interest in the Web3 space continues to grow strongly.

The KuCoin Wallet is now live for users, with a browser-based initial platform paving the way for a mobile version under development. The platform connects to the KuCoin ecosystem and features multiple integrations in the diversified blockchain.

Users can buy, sell, trade, and send Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) among other tokens. In addition, the KuCoin Wallet roadmap will include the addition of DeFi, NFT, and GameFi services in the near future.

The proprietary NFT marketplace Windvane will support this functionality at launch, allowing users to trade and view NFTs in the KuCoin wallet. Windvane announced a $100 million “Innovation Fund” in April 2022 to help support and incentivize early-stage NFT projects to build on the platform.

In addition, the exchange also successfully raised $150 million in investment with a valuation of $10 billion in early May this year. The company intends to use the latest funding to further grow the Web3, DeFi, and NFT scope in its ecosystem. Therefore, the KuCoin wallet is seen as the exchange’s first “launch” in this effort.

From the move of KuCoin, it can be seen that the Web3 wallet product is gradually becoming a trend that many famous cryptocurrency platforms are extremely interested in recently, in order to increase the convenience of the user experience use. Just two weeks ago, Coinbase integrated Web3 functionality with wallets and browsers for a select group of mobile app customers.

Robinhood has just teased a plan to deploy a Web3 wallet that fully supports NFT and DeFi, especially with outstanding advantages with zero transaction fees. Even the traditional US game retailer GameStop has to follow the trend with the launch of its own Ethereum wallet, leveraging Loopring’s ZK-rollup technology to make transactions faster and more cost-effective.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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