Cryptocurrency trading platform KuCoin has launched a new decentralized wallet platform as interest in Web3 continues to grow.
KuCoin Wallet is now live for users, paving the way for a mobile application with a browser-based platform that 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 various cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Tether (USDT), among 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 non-fungible token (NFT) functionality, the roadmap for the KuCoin wallet will include the addition of DeFi, NFT and GameFi services.
KuCoin’s proprietary NFT marketplace Windvane powered this functionality at launch, allowing users to trade and view NFTs in the KuCoin Wallet. Windven unveiled a $100 million “Creators Fund” in April 2022 to help support and encourage early-stage NFT projects to build on the platform.
KuCoin invested $150 million in a pre-Series B round in 2022 – valuing the firm at $10 billion. The firm intends to use the proceeds of the latest fundraising round to continue to develop Web3, DeFi and NFT services and offerings within its ecosystem. KuCoin Labs and KuCoin Ventures will lead these efforts – which have already been successful with the launch of the KuCoin Wallet.
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Several major cryptocurrency exchanges and service providers have launched non-custodial, multi-blockchain wallets in recent months to spark interest in Web3 functionality.
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 was a major focus on the NFT marketplace, while token swaps and other DeFi services were made available through exchanges. Like Uniswap and Opensea.
Robinhood promoted an upcoming non-custodial cryptocurrency wallet with cross-blockchain accessibility in May 2022, which will also have NFT storage and access to the marketplace. American brick-and-mortar gaming retailer GameStop followed suit with the launch of its own blockchain wallet that would also have NFT functionality.
