The cryptocurrency trading platform KuCoin has launched a new decentralized wallet to address the growing interest in Web 3.0.
KuCoin Wallet is already available to users, and the browser-based wallet paves the way for a mobile app that is still in development.
The platform connects to the KuCoin ecosystem and features cross-chain integration. Users will be able to buy, sell, trade, and send a variety of cryptocurrencies, such as Bitcoin (BTC), Ether ((ETH), and Tether (USDT).
It is a self-custody wallet, giving users full control and responsibility over their private keys.
As the cryptocurrency ecosystem continues to embrace and support the functionality of decentralized finance (DeFi) Y non-fungible tokens (NFT), the KuCoin Wallet roadmap will include the addition of DeFi, NFT and GameFi services.
KuCoin’s own NFT marketplace, Windvane, powers this functionality at launch, allowing users to trade and view NFTs on the KuCoin Wallet. Windvane introduced a $100 million “Creator Fund” in April 2022 to help support and encourage early-stage NFT projects to use the platform.
KuCoin secured $150 million of investment in a pre-Series B round in 2022, bringing the company to a $10 billion valuation. The company intends to use the proceeds from the fundraising round to further develop Web 3.0, DeFi and NFT services and offerings within its ecosystem. KuCoin Labs and KuCoin Ventures will spearhead these efforts, which have already borne fruit with the launch of the KuCoin Wallet.
In recent months, several popular cryptocurrency exchanges and service providers have launched non-custodial multi-blockchain wallets to keep pace with interest in Web 3.0 functionality.
Coinbase, the largest cryptocurrency exchange in the United States, integrated Web 3.0 functionality with a wallet and browser extension for a select group of its mobile app customers in May 2022. Trading in NFT markets was a big focus of attention, while token swaps and other DeFi services were made available through exchanges like Uniswap and Opensea.
Robinhood promoted in May 2022 a non-custodial cryptocurrency wallet with cross-chain accessibility that will also feature storage and access to NFT markets. US game retailer GameStop followed suit with the launch of its own blockchain wallet that will also feature NFT functionality.
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