Kucoin Explores The Web3 Space, Launches A New Decentralized Wallet Platform

Kucoin Explores The Web3 Space, Launches A New Decentralized Wallet Platform

June 1, 2022 0 By Jeanine Sanchez

With increasing interest in the Web3 space, KuCoin (a digital asset trading platform) wants to take full advantage. Hence, it has launched a new decentralized wallet platform.

Features Of The New Wallet Platform

The platform consists of a cross-blockchain functionality. It is also linked with the KuCoin ecosystem. Users can buy, sell, transfer or receive any available digital assets on the platform. BTC, ETH, USDT, and other tokens are available.

According to the announcement, the wallet is self-custodial. Thus, users have full control over their private keys and are responsible for their safety. KuCoin plans to include other functionalities such as GameFi, DeFi, and NFT services.

However, KuCoin clarified that adding these features would depend on the growing demands for these features. WindVane (a KuCoin-owned NFT marketplace) would provide the technical assistance for this launch.

Thus, users can easily shop for NFTs and perform NFT transactions from the KuCoin wallet. Two months ago, WindVane raised $100m tagged ‘Creators Fund.’ Their goal was to provide financial assistance for new digital creators on the platform.

Kucoin Explores The Web3 Space

Also, KuCoin raised $150M in a pre-series B funding round earlier in the year. The $10B-valued firm plans to use these funds to research and launch services related to Web3, DeFi, and NFTs. KuCoin labs and KuCoin ventures would be working together to create these services.

The KuCoin wallet is the first result of this collaboration. The growing interest in Web3 has forced many of the leading crypto exchanges and VASPs to launch non-custodial multi-blockchain wallets.

There have been several of such launches since the beginning of this year. Last month, Coinbase launched the test version of a Web3 feature with a wallet and browser. The top US-based crypto exchange only allowed a few of its mobile app users to test the new feature.

The primary focus was transactions on NFT marketplaces. However, users could perform token swaps and DeFi services on exchanges such as OpenSea and Uniswap. Similarly, Robinhood (another top crypto trading platform) is currently advertising a pre-release of its non-custodial crypto wallet.

According to the video ad, the wallet will have a cross-blockchain feature and an NFT platform to store and trade NFTs. Also, GameStop (a leading gaming retailer platform in the US) recently launched a crypto wallet with blockchain and NFT functionalities.

Crypto Wallets As The Gateway To Web3

While commenting about the launch, KuCoin CEO, Johnny Lyu, said, “Crypto wallets are an important requirement for users to explore the Web3 space. Part of the benefits for these users is that it allows them to become full participants of this decentralized ecosystem.”

He added that there is more to using crypto wallets than being used for digital asset storage. Lyu further said that creating an official website for the KuCoin wallet proves that KuCoin is ready to explore the Web3 space fully. 

“We want to extend our services to decentralized space. Thus, we won’t limit ourselves to providing centralized trading services,” Lyu concluded.