KuCoin's new decentralised wallet platform features cross-blockchain trading, DeFi, and NFT
In 2022, KuCoin raised $150 million in a pre-series B funding round and was valued at $10 billion. The company plans to utilise the funds from its most recent financing effort to continue developing Web3, DeFi, and NFT services and products within its ecosystem. KuCoin Labs and KuCoin Ventures will lead these initiatives, which have already borne fruit with the release of KuCoin Wallet.
KuCoin Wallet is now available to consumers, with the browser-based platform paving the way for an upcoming mobile version. Self-custodial wallets provide users complete control and accountability over their private keys.
The platform integrates with the KuCoin ecosystem and is compatible with several blockchains. Users will be able to purchase, sell, trade, and transfer a number of tokens and cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Tether (USDT).
It will offer DeFi, NFT, and GameFi services as the cryptocurrency ecosystem continues to accept and promote decentralised finance (DeFi) and nonfungible token (NFT) capabilities.
At debut, this capability is powered by KuCoin's own NFT marketplace Windvane, enabling users to trade and display NFTs in the KuCoin Wallet. In April 2022, Windvane introduced a $100 million "Creators Fund" to promote and encourage early-stage NFT enterprises to develop on its platform.
In recent months, a number of large cryptocurrency exchanges and service providers have created non-custodial, multi-blockchain wallets to keep up with the demand for Web3 capabilities.
Major cryptocurrency exchange in the United States In May of 2022, Coinbase incorporated Web3 capability with a wallet and browser for a subset of its mobile app customers. Trading on NFT markets was a major emphasis, while exchanges like as Uniswap and Opensea offered token swaps and other DeFi services.
In May 2022, Robinhood advertised a planned non-custodial cryptocurrency wallet featuring cross-blockchain accessibility, NFT storage, and access to markets. The American brick-and-mortar game shop GameStop followed suit by launching its own blockchain wallet that would also support NFTs.