KuCoin, a crypto exchange, has decided to expand its service offerings in response to the growing demand for comprehensive crypto-related services. The Seychelles-based firm has unveiled its decentralised and self-custodial cryptocurrency wallet technology. The KuCoin Wallet is a multi-chain aggregation platform that allows users to send, receive, and store a variety of cryptocurrency tokens, including BTC, ETH, USDT, USDC, and BNB. The wallet is currently only available through web browsers. It will also have a mobile application soon.
Decentralised finance (DeFi), non-fungible tokens (NFT), and GameFi sectors will be added to the crypto exchange, which was founded in 2017.
KuCoin Wallet will be connected with Windvane NFT marketplace in order to purchase, store, and view NFTs (digital collectibles).
Additionally, because users manage their own private keys, the wallet’s self-custodial functionality, which was audited by Hacken, allows users to have complete control over their assets.
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“Crypto wallets, as the gateway to the Web3 network, are a crucial prerequisite for users to engage in the decentralized ecosystem and have evolved well beyond being a mere tool for storing digital assets,” Lyu explained.
The debut of this wallet service, according to KuCoin CEO Johnny Lyu, is a “major step” in the country’s Web3 investigation. He also announced the news on Twitter.
KuCoin asserts that its goal is to move beyond centralized trading systems and provide more Web3 flavors to its services.
The crypto exchange announced the debut of its wallet just days after raising $150 million (approximately Rs. 1,158 crore) in a pre-Series B fundraising round.
KuCoin has received a recent funding infusion from a number of venture capital organizations, including Circle Ventures and Jump Crypto, restoring faith in the crypto exchange market.
In November 2018, the startup raised $20 million (approximately Rs. 155 crore) in a Round A investment round. According to Coin Market Cap, it is the sixth largest cryptocurrency exchange in the market.
Last year, KuCoin merged’ reality and virtual reality (VR) to unveil its new metaverse office, dubbed ‘Bloktopia,’ in a magnificent virtual reality-based edifice.
