Kucoin is a well-known cryptocurrency trading exchange launched in Hong Kong in 2017.
Kucoin, at the time of its launch, took the marketing strategy of presenting itself as a people’s exchange. Kucoin wanted to give people from every part of the world a platform where they can trade their cryptocurrencies safely and without stress.
From 2017 till now, they have maintained a good level of relevance globally. Their impact in the global cryptocurrency market is evident, having gathered up to 11 million people in their user base in five years.
One out of every four crypto investors globally trades on the Kucoin exchange. That is some level of impact.
Kucoin’s New Decentralized Wallet
Kucoin, a cryptocurrency trading platform introduced a new platform for decentralized wallets. The launching of the decentralized wallet is to cater to the increase in Web3 technology interest globally.
Kucoin users can now enjoy live features with a platform built on native web browsers. These platforms built on the web browser will be the forerunner of the live wallet mobile application.
Currently, Kucoin is still developing the live wallet mobile application.
The browser-based platform connects directly to the Kucoin ecosystem and brings into the cryptocurrency ecosystem a cross-blockchain integration feature.
Users will trade, buy, transfer and sell different cryptocurrencies. Bitcoin, Ethereum, and Tether, alongside other tokens in the cryptocurrency ecosystem.
The Kucoin wallet is a self-custodian wallet, it means that users have full responsibilities over the private key storage and security.
The Kucoin cryptocurrency wallet will also accommodate the functionalities of Defi (Decentralized Finance) and NFTs (Non-Fungible Tokens).
Apart from these, the roadmap of the new Kucoin wallet shows that the live wallet will accommodate the cryptocurrency GameFi functions and services.
Kucoin’s Windvane Powered Decentralized Wallet
The functionality of the Kucoin new decentralized wallet launch gets its power from Windvane. Windvane is the proprietary NFT marketplace for Kucoin. Windvane permits users to carry out NFT viewing and trading on the new Kucoin wallet.
In April 2022, Windvane revealed a Creators Fund of $100 million. Kucoin raised the fund to help support and encourage the first stage of NFT projects that users might develop on the platform.
The net worth of Kucoin’s investment in the second round pre-series of 2022 was $150 million. By this time, Kucoin was worth $10 billion in total value.
Kucoin plans to use the funds from the last fundraising to keep building the NFT, Defi, and Web3 offerings, functionality, and services that the Kucoin ecosystem will give its users.
The aspects of Kucoin that will be in charge of these developments will be Kucoin Ventures and Kucoin Labs. These two have already put efforts together to get the new decentralized Kucoin wallet running.
More Exchanges Plugging into Web3 Like Kucoin
There has been an increase in the number of major crypto exchanges that have introduced wallets that supports more than one blockchain and are self-custodial.
These crypto exchange service providers are cashing in on the rising of Web3 in the crypto ecosystem. They want to be able to meet up with the demands of crypto users who are interested in the Web3 functions globally.
A very prominent crypto exchange that has taken this initiative is Coinbase.
Coinbase is a leading crypto exchange based in the United States. They recently integrated their wallet mobile app and browsers with Web3 functionality. Although the integration of Web3 functionality with their mobile app was for some users.
This integration happened in May 2022, and the aim was to begin trading NFTs in marketplaces like Opensea, still support token swaps, and provide other Defi services on exchanges like Uniswap.
Robinhood is another major exchange that promoted a cryptocurrency wallet with a non-custodial feature in May 2022. The non-custodial wallet has other features like functioning across different blockchains, marketplaces’ accessibilities, and Non-Fungible Token storage.
A gaming retailer in the United States (GameStop) also followed the same cue. GameStop introduced its blockchain wallet. This blockchain wallet will also support Non Fungible Token functionality features.
Why Choose Kucoin’s New Decentralized Web3 Wallet?
Although Kucoin is a lovely exchange, its user experience can be a very daunting adventure for new users on the platform. This experience does not last long because new users learn how to navigate the interface very fast.
When they understand this navigation, the user interface automatically becomes a lovely experience for them each time they come on the platform.
The trading fee of Kucoin is low. They charge a 0.1% trading fee for every trade users carry out on the exchange.
Also, Kucoin has lots of trading tools available for both newbies and experienced traders. Other reasons why Kucoin has become the top choice for crypto traders and investors are;
- Kucoin charges a trading fee of 0.1% for every trade. However, if you pay with Kucoins’ token (KCS coin), you will only pay a trading fee of 0.08%. You can even have higher discounted trading fees if you are trading a very high amount. You will not pay any trading fee if you buy or sell your assets on the P2P marketplace.
- Kucoin has a wide range of cryptocurrency assets to choose from. You will find over 600 tokens and coins on the Kucoin exchange. They have one of the largest crypto markets globally.
- Kucoin has extra features on its exchange, and you may not see most of these features on other crypto exchanges. Kucoin exchange features Margin trade, Spot trading, Futures trading, and a P2P marketplace for new and experienced crypto traders or investors.
- Kucoin also has Kucoin Lending; this feature allows users to lend their coins and get KCS (Kucoin Token) bonus as interest on your coins.
The range of services on Kucoin currently is impressive. Apart from this excellent move to launch this decentralized wallet, Kucoin allows the trading of large amounts of coins.
The presence of plenty of coins on the Kucoin exchange is one reason the trading platform has a large userbase and has become popular over the years.
As a newbie or an experienced trader, if you are looking for an all-around crypto exchange with the best features and offers NFT and Defi functionalities, you should try Kucoin.
