On Wednesday, crypto exchange Kucoin launched its first-ever decentralized crypto wallet.
According to the official announcement, the exchange seeks to harness the immense opportunity presented by web3 through its wallet, which enables integration and transfers between countless hosts in the decentralized world.
“KuCoin aims to go beyond centralized trading services and enter the decentralized world to extend its business further, with KuCoin Wallet as one of the products in its plan.” The announcement read. “The launch of the official website of KuCoin Wallet highlights the determination of KuCoin to enter the Web3 playing field.
Apart from allowing users to create a decentralized account for web3 in seconds, the Kucoin wallet assures users of top-grade encryption which guarantees the safety of their assets. It is also easy to use and supports Kucoin’s multichain ecosystem. On top of that, users can transact and store various cryptocurrencies including BTC, ETH, USDT, USDC, and BNB among others.
Further, the wallets will enable access to many leading DeFi, NFT, and GameFi services providing users with unlimited access to Web3. Whereas the current wallet is a web version, Kucoin plans on rolling out the app version later in the month, as per the announcement.
“As the gateway to the Web3 network, crypto wallets are an important requirement for users to participate in the decentralized ecosystem and have developed far more than being a mere tool for storing digital assets,” said Johnny Lyu, the CEO of KuCoin, “ The launch of the official website of KuCoin Wallet is additional proof to show the determination of KuCoin to enter the Web3 playing field at a critical time with our goals going beyond centralized trading services and entry into the decentralized world to extend its business further.”
The move comes even as various other crypto exchanges roll out services aimed at expanding their scope of services in the Web3. So far crypto wallets have been some of the most important tools in deploying various support systems for full integration with DeFi. Kucoin’s new wallet is now set to compete with others by Coinbase, Robinhood, and Binance as well as DeFi applications such as Metamask and Uniswap.
Kucoin is currently the fifth largest crypto exchange globally with a daily transaction volume of about $1.55 billion based on data by Coingecko. The exchange has over 10 million users in 207 countries and regions.