KuCoin Announces Decentralised, Self-Custodial Crypto Wallet, Details Here

Acting on the rising demand for expansive crypto-related services, KuCoin crypto exchange has decided to expand its service offerings in the sector. The Seychelles-based company has announced its crypto wallet platform, which is decentralised and self-custodial in nature. Named the KuCoin Wallet, the platform supports multi-chain aggregation that enables users to send, receive, and store BTC, ETH, USDT, USDC, and BNB among other cryptocurrency tokens. For now, the wallet is live on web browsers. Its mobile application is expected to be released soon as well.

The crypto exchange, established in 2017, will be adding special sections around decentralised finance (DeFi), non-fungible tokens (NFT), and GameFi sectors.

In a bid to purchase, store, and browse NFTs or digital collectibles — KuCoin Wallet will be integrated with Windvane NFT marketplace.

In addition, the wallet's self-custodial feature audited by Hacken allows users to access full control of their assets, since they manage their own private keys.

“As the gateway to the Web3 network, crypto wallets are an important requirement for users to participate in the decentralised ecosystem and have developed far more than being a mere tool for storing digital assets,” Lyu noted.

Johnny Lyu, the CEO of KuCoin called the launch of this wallet service a ‘significant step' in the country's Web3 exploration. He also posted the announcement on Twitter.

KuCoin claims that its goal is to go beyond centralised trading services and give its services more Web3 flavours.

The launch of its wallet comes just days after the crypto exchange raised fresh capital of $150 million (roughly Rs. 1,158 crore) in a pre-Series B funding round.

A bunch of venture capital firms like Circle Ventures and Jump Crypto have pumped-in the recent capital influx for KuCoin, reinstating trust in the crypto exchange business.

The company had also secured $20 million (roughly Rs. 155 crore) in a Round A funding back in November 2018. It is listed as the fifth largest crypto exchange on the market as per CoinMarketCap.

In fact, last year KuCoin ‘merged' reality with virtual reality (VR) to introduce its new metaverse office in a stunning virtual reality-based building called ‘Bloktopia'.