In an effort to tap into the Kucoin, Web3 and NFT space, the exchange is launching a decentralized wallet integrated with the cross-chain swapping feature.
Crypto exchange giant KuCoin today announced the launch of a new decentralized wallet as it moves towards Web3 and decentralized applications.
KuCoin sees the future
Users are now able to connect to the KuCoin Wallet, which is currently available in the web-based exchange platform.
The mobile based platform is currently in the works and is set to be launched in the near future. The platform is integrated into the KuCoin ecosystem and also supports cross-blockchain implementation.
Moreover, it is a one-stop place to perform various activities of normal wallet like buy, sell, trade and send multiple cryptocurrencies from Bitcoin (BTC), Tether (USDT), Binance (BNB), USDC (USD) . and other tokens.
A new option for a new web
KuCoin Wallet, positioned as a self-custodial wallet (non-custodial wallet), provides consumers with sole control over their private keys and, of course, their assets.
Self-custodial wallets used to be less attractive as they required a lot of responsibility, but with the rise of crypto frauds and hacks, more crypto members are starting to consider the benefits of wallets, especially at the value of security. .
KuCoin Wallet plans to introduce more functionality in the future, such as GameFi and NFT services.
With the wallet launch, KuCoin’s MFT marketplace Windvane will be integrated inside the wallet.
Users can buy, store and view their NFTs directly from their wallets. DeFi, NFT and Web3 are the main priorities of KuCoin’s future business plan, as they are for other large corporations.
The CEO of KuCoin, Johnny Liu, highlighted the goal of the exchange,
“As a gateway to the Web 3.0 network, crypto wallets are a key requirement for users to participate in a decentralized ecosystem and have evolved into more than just being a mere tool to store digital assets. KuCoin Wallet’s The launch of the official website is an additional proof that shows KuCoin is determined to enter the Web 3.0 arena at a critical time, with our goals going beyond centralized trading services and moving our business forward in a decentralized world. are entering.
Web3.0: Decentralized Ambition and User-Owned Platforms
After the prolonged dominance of Web2.0, the concept of Web3 has taken the Internet by storm.
Much of the discussion targets the next generation of the Internet, while major tech companies are working on making the concept conceivable and increasingly a reality.
Web 2.0 is the current web version most people are familiar with, where we can interact, write our articles and participate in comments on social networking sites.
However, this gold mine of money is in the hands of tech giants like Apple, Google or Facebook.
This is prompting more and more people to turn to Web3.0, which is based on the idea of decentralization.
Applications for Web 3.0 will be developed on a platform that is based on blockchain technology.
Examples of such platforms are the bitcoin network and the ethereum network.
Due to the decentralized nature of this structure, there is no longer a single technology corporation that can fully control and exploit the necessary processes and foundations of the network. Instead, everything operates according to a more distributed model.
The KuCoin cryptocurrency exchange is not the only major company to enter the Web3 market recently.
Coinbase, a leading cryptocurrency exchange, turned its attention to this area in May by introducing additional Web 3 capabilities for its wallets and browsers.
The functionality is only available to a certain group of users.
Following in the footsteps of Coinbase, Robinhood, a leading stock and cryptocurrency trading platform, has announced its intention to introduce a new Web3 wallet with a focus on DeFi and NFTs by the end of May.