KuCoin enters the Web3 world with a new decentralized wallet platform featuring cross-blockchain trading, DeFi and NFT functionality.
Cryptocurrency trading platform KuCoin has launched a new decentralized wallet platform as interest in Web3 continues to gather steam.
KuCoin Wallet is now live for users, with the browser-based platform paving the way for a mobile application which is still in development.
The platform plugs into the KuCoin ecosystem and features cross-blockchain integration. Users will be able to buy, sell, trade and send a variety of cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Tether (USDT) in addition to other tokens.
The wallet is self-custodial, giving users full control and responsibility over their private keys.
As the cryptocurrency ecosystem continues to adopt and support decentralized finance (DeFi) and nonfungible token (NFT) functionality, KuCoin Wallet's roadmap will include the addition of DeFi, NFT and GameFi services.
KuCoin's proprietary NFT marketplace Windvane powers this functionality at launch, allowing users to trade and view NFTs in the KuCoin Wallet. Windvane unveiled a $100 million “Creators Fund” in April 2022 to help support and encourage early-stage NFT projects to build on the platform.
KuCoin netted $150 million of investment in a pre-series B round in 2022 - with the firm valued at $10 billion. The firm intends to use the proceeds of the latest fundraising round to continue developing Web3, DeFi and NFT services and offerings within its ecosystem. KuCoin Labs and KuCoin Ventures will spearhead these efforts - which have already come to fruition with the launch of KuCoin Wallet.
Leading United States-based cryptocurrency exchange Coinbase integrated Web3 functionality with a wallet and browser for a select group of its mobile app clients in May 2022. Trading on NFT marketplaces was a big focus, while token swaps and other DeFi services were made available through exchanges like Uniswap and Opensea.
Robinhood promoted an upcoming non-custodial cryptocurrency wallet in May 2022 with cross-blockchain accessibility which will also feature NFT storage and access to marketplaces. American brick-and-mortar gaming retailer GameStop followed suit with the launch of its own blockchain wallet that will also feature NFT functionality.