KuCoin, like its competitors, has launched a crypto wallet
As many crypto exchanges go beyond their primary offering, KuCoin has also decided to enter the race by releasing its decentralized crypto wallet.
KuCoin launches decentralized crypto wallet
Users will be able to buy, sell, trade, and send cryptocurrencies such as Bitcoin and Ethereum and stablecoins such as USDT. Kucoin also plans to integrate it within its ecosystem and support cross-chain transactions. Because the wallet is non-custodial, users have complete control and responsibility for their private keys.On top of that, the crypto exchange seeks to widen its ecosystem by allowing the wallet to include DeFi, NFT, and GameFi services. At launch, this capability is powered by KuCoin's own NFT marketplace Windvane, allowing users to trade and display NFTs in the KuCoin Wallet. The announcement followed the crypto exchange's $150 million funding round last month.
Crypto exchanges expand their ecosystem
Several notable crypto exchanges and service providers have lately developed non-custodial wallets to expand their ecosystem. In May 2022, Coinbase integrated web3 with their Coinbase Wallet for a select group of its mobile app clients, and trading platform Robinhood is also planning to launch its crypto wallet.Binance anticipated the rise of non-custodial wallets when it acquired the mobile Ethereum wallet Trust Wallet in 2021, while Huobi just invested $200 million in its renamed iToken wallet. It appears that crypto exchanges count on consumers to move their funds away from exchanges and into non-custodial wallets.
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