02 Jun 2022 · 3 min read

KuCoin Wallet Launched: Another Step Towards Web3

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Source: KuCoin

Today, the international crypto exchange KuCoin ("the people's exchange") released its latest product, the decentralized KuCoin wallet, the Kucoin Wallet. With it, the exchange intends to continue to invest in Web3 and make it even more accessible for its thousands of users.

A decentralized multi-chain wallet

The application is available today (Jun 1st, 2022) but should be officially launched a little later in June. It is therefore accessible in beta test mode. 

KuCoin's crypto wallet has been designed in such a way that it can integrate several blockchains, you could say a multi-chain wallet. One of the advantages of this solution is that it allows users to create a decentralized account in a few seconds and in a secure way to access Web3. The other positive point for KuCoin Wallet users is to have the ability to send, receive and store cryptocurrencies such as BTC, ETH, USDT, USDC, and BNB in one place.

With this wallet, KuCoin is clearly positioning itself as a player in the cryptosphere, wanting to build bridges between the crypto world and the Web3. The KuCoin Wallet will moreover add in the coming weeks/months several functions related to decentralized finance (DeFi), NFTs, and GameFi.

Towards the Web3

A concrete example of the exchange's willingness to bridge to Web3 is the integration of Windvane, KuCoin's NFT marketplace, into the KuCoin Wallet, which will allow users to purchase, store and view their NFT collections directly from their wallet.

A good crypto wallet is one that has strong security. KuCoin's wallet has been audited by the security firm Hacken. Moreover, the KuCoin Wallet is self-custodial, which means that users themselves manage their own private keys. And as they say in the cryptosphere: Not your keys, not your coins!

Johnny Lyu, CEO of KuCoin, said of the announcement:

"As a gateway to the web3 network, crypto wallets are an important requirement for users to participate in the decentralized ecosystem and are now much more than just a tool to store digital assets. The launch of the official KuCoin Wallet website is further evidence of our determination to bring KuCoin into the Web3 realm at a critical time. KuCoin's goals go far beyond centralized trading services; they are to enter the decentralized world to further expand its business."

As Jeff, the head of KuCoin Wallet, points out; this next-generation wallet will allow the exchange to "meet the needs of all types of investors."

KuCoin takes action

KuCoin's overall strategy to explore Web3 more intensively is not just wishful thinking and lip service. No, the exchange with 18 million users is taking concrete action and doing everything it can to succeed. The Web3 strategy will thus be supported by the recent fundraising of USD 150 million, and don't forget that a few days ago, KuCoin had launched a USD 100 million fund to help artists involved in the non-fungible token (NFT) projects in the start-up phase and niches. With its NFT marketplace, its new decentralized wallet, and its consequential financial commitments, KuCoin is giving itself the means to reach its ambitions and intends to become one of the major players in the cryptosphere to make Web3 its new playground.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with operational headquarters in the Seychelles. As a user-driven platform focused on inclusivity and community outreach, it offers over 700 digital assets and currently offers spot trading, margin trading, P2P fiat currency trading, futures trading, staking, and lending to its 18 million users in 207 countries and regions.

In 2022, KuCoin raised over USD 150 million in investments in a pre-series B round, bringing the total investments to USD 170 million with the combined A round, for a total valuation of USD 10 billion. KuCoin is currently one of the top 5 cryptocurrency exchanges, according to CoinMarketCap. Forbes has also named KuCoin as one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin as the best crypto app for enthusiasts.

About KuCoin Wallet

KuCoin Wallet is a secure and easy-to-use crypto wallet that supports multi-chain aggregation based on the KuCoin ecosystem. With KuCoin's security expertise and Hacken-audited, state-of-the-art security technology, KuCoin Wallet is a standalone wallet where users have complete control over their assets. KuCoin Wallet provides the easiest way for users to manage multi-chain assets and allows users to purchase, store and view NFT collections directly in the wallet. KuCoin Wallet is a gateway to the web3 world for all cryptocurrency enthusiasts.