Popular crypto trading platform KuCoin is looking to capitalize on the recent growth of Web3 with its new decentralized wallet.
Known as KuCoin wallet, users can utilize this platform through its web version. As of now, the mobile version of the wallet is under development. Talking about the wallet, it incorporates cross-blockchain integration which allows users to trade between multiple blockchains seamlessly. Users can purchase, sell and trade most of the popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etcetera.
Moreover, the wallet is self-custodial so users have total responsibility for their private keys. Moving on in the future, KuCoin’s wallet will support DeFi, NFTs, and GameFi services.
Users could store their NFTs in their wallets via purchasing them on the proprietary NFT marketplace, Windvane. In fact, Windvane has introduced a $100 million “Creators Fund” for supporting early-stage NFT projects to build on the platform.
KuCoin had recently raised $150 million in their pre-series B round. Moreover, the company’s valuation stood at $10 billion. With these funds, KuCoin is looking to develop its Web3, DeFi, and NFT services within the ecosystem.
Besides KuCoin, a number of popular crypto exchanges and service providers have launched multi-blockchain wallets. Coinbase integrated its wallet with Web3 functionality for a group of mobile app clients in 2022. Also, Robinhood had talked about an upcoming non-custodial crypto wallet last month. The upcoming crypto wallet will incorporate cross-blockchain functionality.
Other than crypto exchanges, many traditional companies took to crypto wallets for an additional source of revenue. Recently, gaming retailer GameStop launched its own blockchain wallet that features NFT functionality.