KuCoin

1inch plugs into KuCoin Wallet to improve token swaps

1inch Network expands to another cryptocurrency exchange as KuCoin Wallet integrates its automated market maker functionality to improve token swaps.

Cryptocurrency exchange KuCoin will introduce native token swap functionality to its in-house wallet after integrating decentralized finance (DeFi) market maker 1inch’s application programming interface.

1inch’s Pathfinder algorithm will increase the functionality of KuCoin Wallet, the exchange’s recently launched decentralized wallet platform, which features cross-chain trading, and DeFi and nonfungible token (NFT) support.

The algorithm will aggregate liquidity from over 250 sources from automated market makers and proactive market makers across the DeFi ecosystem. 1inch plugs into liquidity sources running on nine different blockchain networks, providing a wide range of tradable asset pairs.

Related: DeFi market has room for growth in Korea: 1inch co-founder — KBW 2022

The partnership will also afford KuCoin Wallet users access to 1inch’s Limit Order Protocol functionality. These orders are filled at a predetermined price once it is reached. This includes gasless limit orders for Ether (ETH), requests for quotations on the blockchain and other tokens that require permits rather than transaction approval.

KuCoin Wallet head Jeff Haul noted that 1inch has established itself as a leader in the DeFi aggregator space, and its functionality should improve KuCoin Wallet’s offering to its users:

“Swap is a high-frequency feature of the wallet, and 1inch is one of the most popular DEXs in the Web3 industry, so we’re working together through native integration to provide a smooth and cost-effective trading experience for our users.”

KuCoin rolled out its browser-based self-custodial wallet in June 2022 and hinted at imminent support for DeFi, NFTs and GameFi. The original NFT functionality was powered by KuCoin’s proprietary NFT marketplace Windvane.

The exchange earmarked a $150-million pre-Series B fundraising round in 2022 to bankroll the development of Web3, DeFi and NFT services and offerings within its ecosystem.

1inch continues to expand its footprint across the cryptocurrency ecosystem, sealing a pivotal partnership with South Korea’s burgeoning metaverse blockchain Klaytn in August 2022.

FTX, Bybit rise in web traffic despite overall traffic drop on CEXs

Web traffic on FTX surged 123% YoY, while major exchanges such as Coinbase and Binance were down 46% and 40% traffic-wise, respectively.

The ongoing cryptocurrency winter has triggered an overall decline in interest in centralized crypto exchanges (CEX), but some crypto trading platforms have seen a rise in website traffic.

A few major global crypto exchanges, including Sam Bankman-Fried’s FTX, have experienced a significant increase in web traffic despite the bear market of 2022, according to the website analytics platform Similarweb.

According to data shared with Cointelegraph, web traffic on the FTX crypto exchange had surged as much as 123% year-over-year (YoY) by June 2022.

Trading platforms WhiteBit and Bybit have seen even bigger growth in interest, with traffic surging 244% and 160% over the past year, respectively. The KuCoin crypto exchange has also seen an increase in interest over the past year, with its website’s traffic edging up 50% YoY.

The traffic growth of FTX and Bybit has come against the backdrop of the majority of CEXs experiencing a massive drop in interest in their websites.

Major United States-based crypto exchange Coinbase saw its web traffic plummet 46% YoY, experiencing one of the biggest losses among U.S. crypto exchanges. Rival exchanges Kraken and Bittrex have also posted traffic losses, with visits dropping 38% and 54%, respectively.

The traffic on the global Binance crypto exchange tumbled about 40%, according to data from Similarweb. The major blockchain browser and crypto wallet Blockchain.com also saw its traffic dropping 30%.

Crypto-friendly stock trading app Robinhood has also plummeted traffic-wise, with website visits dipping 65% YoY.

Despite a significant drop in website visits on many CEXs, the traffic on most crypto exchanges has still been up over the past three years. As such, web traffic on Coinbase, Kraken and Binance is up 36%, 105% and 263% over the period, respectively. Growing-traffic exchanges such as Bybit and FTX have seen their visits skyrocket 1,600% and 9,400% over the period, respectively.

In contrast, some platforms like Bittrex.com and Blockchain.com have seen some traffic decline even over a longer period of time, with visits dropping 67% and 54% over the past three years, respectively.

The discrepancy between traffic movements on different crypto exchanges might be a reason for how different companies position themselves during tough times on the market.

Related: Coinbase partners with BlackRock to create new access points for institutional crypto investing

According to David Carr, senior insights manager at Similarweb, some exchanges like FTX have demonstrated more courage than other firms by forcing acquisitions and helping bankrupt platforms.

“More recently, FTX has been in the news as an acquirer or potential acquirer of other companies, such as some of the crypto lending and DeFi companies that were struggling but that FTX and its CEO thought had value,” Carr said. In the meantime, Coinbase might have suffered from “unfortunate headlines” about disclosing what would happen to customer funds if the company went bankrupt, he said, adding:

“Not that Coinbase is necessarily on the verge of bankruptcy, but just having the company name and bankruptcy in the same sentence was not a good thing.”

Coinbase is one of the largest crypto exchanges in the United States and has been a publicly traded company since April 2021. The exchange has been involved in a number of regulatory conflicts recently, with U.S. authorities arresting a former Coinbase manager on allegations of insider trading in July. Already under investigation by the Securities and Exchanges Commission, Coinbase was slapped with two fresh legal claims last week.

Positivity blazing through a bear market: Blockchain Economy Istanbul 2022

The Blockchain Economy Istanbul 2022 summit made one thing clear: The positivity of the crypto ecosystem remains unfazed by the turbulent market shakeouts.

Held at Hilton Bomonti — a fancy hotel next to a renovated and repurposed beer factory in Istanbul — the fourth iteration of the Blockchain Economy Summit 2022 (BE2022) proved to be a significant step-up compared to its pre-pandemic predecessors.

The previous summit, BE2020, was held at the WOW Convention Center two years back. In addition to being situated in a harder-to-reach part of Istanbul, the summit coincided with the COVID-19 outbreak, further impacting the overall attendance. Since the sole purpose of that venue was organizing large-scale events, the crypto community from two years prior was just not big enough to fill the space. As a direct result of the aforementioned factors, the BE2020 felt like a two-day trip to a ghost town.

Attendees of Blockchain Economy Istanbul 2022 described the summit as dense, vivid and full of energy, drawing a stark contrast to the BE2020 in almost every aspect. It was also the first international crypto and blockchain event held in the region ever since Turkey revoked travel ban restrictions. As a result, the crypto community members — from Western and Eastern countries — could join in on the celebration.

The event roster had a good balance between the local companies and global crypto players. While big shots like Binance, Huobi or FTX were visibly absent from the event, logos of major companies like KuCoin, Gate.io, Bitget, Bitmex and Uphold were filling the main hall. Despite its recent troubles, Gari Network donned the main sponsor badge for the whole event.

For two days, the main hall never saw a dull moment: People were there mainly for networking purposes after two years filled with lockdowns and travel bans —and it’s hard to say they missed much by not attending sessions at the main conference stage.

The Cointelegraph ground team enjoying a special goat milk-based Turkish ice cream called “Maraş dondurması.”

Sure, some exciting names like MicroStrategy’s Michael Saylor (although he joined via video call) or Davinci Jeremie, the “Please Just Buy One Bitcoin” guy, were on the keynote schedule. But, unfortunately, the program saw greater participation of more local or regional speakers than necessary for an international event of this scale — and the supercooling in the conference room didn’t help either.

People got chilled, lost interest in the simultaneous translation and headed back to the main area where a giant-sized samurai dog statue from the blockchain-based battle royale game Katana Inu welcomed them in an intimidating way. The best part? Most keynote speakers made themselves available for a little chat in the main hall after their stage performances.

KuCoin Labs head Lou Yu explaining latest trends in Web3 development

Cointelegraph reached out to several keynote speakers for some quick commentary and in-depth conversations, including KuCoin Labs head Lou Yu and AAX exchange executive Ben Caselin.

The BE2022 event was most beneficial for the young and talented developers of the community, of which Turkey houses plenty. During the event, Ali Dursun was able to pitch his blockchain gaming ecosystem Ratic to an array of global exchanges and venture capitals. Aybars Dorman introduced Metavest, a fresh take on decentralized finance (DeFi), to the participants, and Yotta21 founder Yunus Cebeci made important industry contacts at the smoking area.

Zignaly co-founder Abdul Rafay Gadit explaining their project to Cointelegraph business development executive Anton Kabatov and editor Erhan Kahraman

Two things were clear: First, the COVID-19 pandemic could not slow down the crypto ecosystem’s growth. For many participants, Blockchain Economy Istanbul 2022 was their first networking experience with the rest of the industry, and they thrived in making the most of it. And second, no matter how bearish a crypto market gets, the price fluctuations can’t shake down the positivity of the crypto ecosystem.

Considering everything that transpired during the event, the Blockchain Economy Istanbul 2022 summit solidified that no matter the market conditions, the crypto ecosystem is ready to invest time, money and energy to stay positive.

Crypto Biz: Elon Musk: The ultimate crypto tourist

Tesla’s foray into Bitcoin may have been one big distraction for the electric vehicle maker, which reported mixed financial results earlier this month.

Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we have to hear about Musk and Bitcoin, the better. 

In this week’s Crypto Biz, we chronicle Tesla’s sale of BTC, KuCoin’s fight against fake news and Cathie Wood’s sale of Coinbase stock.

Tesla reports $64M profit from Bitcoin sale

Tesla’s decision to sell most of its Bitcoin wasn’t as boneheaded as it appeared at first. The company scored a $64 million profit in the exchange. Aside from selling emission credits, the electric vehicle maker has routinely struggled to turn a profit over the years. In a form 10-K filing with the United States Securities and Exchange Commission (SEC), Tesla disclosed that it may “increase or decrease” its holdings of digital assets over time. Cynical prediction: ESG FUD will probably be the reason Tesla gets rid of its remaining holdings over time.

KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’

Crypto exchange KuCoin has been at the receiving end of a nasty smear campaign from a self-styled whistleblower tweeting about the company’s alleged insolvency. KuCoin CEO Johnny Lyu has not only refuted claims that his company was facing a liquidity crisis, but he has also launched an “Anti-FUD Fund” to track down and take legal action against so-called “FUDers.” The Twitter account responsible for the misinformation appears to have been deleted.

Cathie Wood sells Coinbase shares amid insider trading allegations

Cathie Wood’s ARK Investment Management appears to be distancing itself from Coinbase amid allegations that the cryptocurrency exchange was involved in insider trading. After holding nearly $9 million in COIN stock as of late June, ARK offloaded more than 1.4 million shares over the next month. According to Bloomberg, Coinbase is being investigated by the SEC over its potential involvement in an ex-product manager’s insider trading scheme. Separately, and on an unrelated note, Coinbase is also being probed for allegedly selling unregistered securities. In the meantime, you won’t believe how badly COIN stock is down.

3AC: A $10B hedge fund gone bust with founders on the run

We’ve spent the past few months talking about the Three Arrows Capital debacle. The firm that also went by 3AC was revered for its investments, trading prowess and insights. The cult of personality surrounding its founders created an image of a company that could do no wrong. Then, it all came crashing down. As we wait for documentarians to make a movie about 3AC’s downfall, Cointelegraph has put together a lengthy expose about the whole ordeal. I’m talking timelines, analysis and information on who owes what to whom.

Don’t miss it! Why does the FOMC meeting matter for crypto?

Have you been wondering why investors keep talking about the “FOMC?” Why are crypto people suddenly so enamored with this four-letter acronym? In this week’s Market Report, I break down exactly what the FOMC is and why investors need to monitor it. Consider it a crash course on the most powerful organization in the world (yes, really). You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

KuCoin crypto exchange debuts USDT-dominated NFT ETF

KuCoin’s new investment product aims to increase the liquidity of and access to leading nonfungible token collections such as BAYC.

Seychelles-headquartered cryptocurrency exchange KuCoin has launched an exchange-traded fund (ETF) tied to major nonfungible token (NFT) assets like Bored Ape Yacht Club (BAYC).

KuCoin’s NFT ETF Trading Zone went live on Friday, the firm announced. The new investment product is launched in collaboration with NFT infrastructure provider Fracton Protocol.

The KuCoin NFT ETF is a Tether (USDT)-dominated product that marks particular underlying NFT assets like Bored Ape Yacht Club. BAYC is one of five NFT ETFs that KuCoin is launching. Trading under the symbol hiBAYC, the asset is an ERC-20 token representing 1/1,000,000 ownership of the target BAYC in the BAYC meta-swap of Fracton Protocol.

The ETF aims to increase liquidity as it enables exposure to NFTs via the USDT stablecoin instead of Ether (ETH). It also eliminates the risks and concerns around managing NFT infrastructure elements like wallets, smart contracts and marketplaces like OpenSea.

In addition to hiBAYC, the investment covers CryptoPunks (hiPUNKS), Koda NFTs (hiKODA), hiSAND33 and hiENS4. Starting with hiBAYC on Friday, the investment product is scheduled to list hiPUNKS on Aug. 4. Listings for hiKODA, hiSAND33 and hiENS4 will be announced at a later date, the exchange said.

The ETF marks an important milestone in KuCoin’s efforts to accelerate the establishment of the NFT market by lowering the investment threshold of leading digital collectibles. 

The exchange has been focused on developing the NFT sector, launching the interactive NFT launch platform Wonderland in April 2022. KuCoin also rolled out Windvane, another NFT marketplace providing an NFT launchpad, mint, trade, management and other services.

“KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments,” KuCoin CEO Johnny Lyu said. According to Lyu, KuCoin is the first centralized crypto exchange to support NFT ETFs that allow users to invest and trade top NFTs directly with USDT.

Related: US federal agency issues legal advisory on NFT investments

KuCoin is not the first to explore NFT ETFs, though. In December 2021, registered investment adviser and fintech firm Defiance launched the world’s first NFT-focused ETF on New York Stock Exchange Arca. The ETF tracks an index of companies that are operating or plan to operate in the NFT and Metaverse sectors.

KuCoin CEO slams insolvency rumors citing “no plan to halt withdrawal”

Rumors linked KuCoin’s intent to stop withdrawals with the Terra and the 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange.

Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was, however, quick to dismiss the unvetted rumors before they picked up steam.

Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.

Rumors linked KuCoin’s intent to stop withdrawals with the Terra and 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange owing to high exposure to the fallen tokens.

While dismissing the supposed rumors through the above tweet, Lyu highlighted the company’s strong position by disclosing a recent $150 million funding, which placed the company’s valuation at $10 billion in May 2022. He also pointed out that the company is currently hiring for multiple positions, requesting investors to make their own judgment amid the ongoing FUD — fear, uncertainty and doubt:

“No ‘immense suffer’ from any ‘coin collapse,’ no plan to halt withdrawal, everything on KuCoin is operating well.”

Further distancing KuCoin away from the insolvency rumors, Lyu confirmed to share the company’s 2022 H1 review report with detailed information about their operations. Finally, he sent out a warning to the people accusing KuCoin of shutting down services and creating panic among investors:

“For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL.”

Related: Tether CTO refutes stablecoin FUD as short-sellers circle

Tether chief technology officer Paolo Ardoino recently revealed that the stablecoin Tether (USDT) was subject to a “coordinated attack” by hedge funds looking to short-sell the United States dollar-pegged crypto asset.

Ardoino said that Tether is collaborating with regulators and increased transparency efforts, as well as noting its recent commitment to phase out its commercial paper exposure.

KuCoin plugs into Web3 with new decentralized wallet

KuCoin enters the Web3 world with a new decentralized wallet platform featuring cross-blockchain trading, DeFi and NFT functionality.

Cryptocurrency trading platform KuCoin has launched a new decentralized wallet platform as interest in Web3 continues to gather steam. 

KuCoin Wallet is now live for users, with the browser-based platform paving the way for a mobile application, which is still in development.

The platform plugs into the KuCoin ecosystem and features cross-blockchain integration. Users will be able to buy, sell, trade and send a variety of cryptocurrencies including Bitcoin (BTC), Ether (ETH) and Tether (USDT) in addition to other tokens.

The wallet is self-custodial, giving users full control and responsibility over their private keys.

As the cryptocurrency ecosystem continues to adopt and support decentralized finance (DeFi) and nonfungible token (NFT) functionality, KuCoin Wallet’s roadmap will include the addition of DeFi, NFT and GameFi services.

KuCoin’s proprietary NFT marketplace Windvane powers this functionality at launch, allowing users to trade and view NFTs in the KuCoin Wallet. Windvane unveiled a $100 million “Creators Fund” in April 2022 to help support and encourage early-stage NFT projects to build on the platform.

KuCoin netted $150 million of investment in a pre-series B round in 2022 — with the firm valued at $10 billion. The firm intends to use the proceeds of the latest fundraising round to continue developing Web3, DeFi and NFT services and offerings within its ecosystem. KuCoin Labs and KuCoin Ventures will spearhead these efforts — which have already come to fruition with the launch of KuCoin Wallet.

Related: GameStop unveils beta cryptocurrency wallet and upcoming NFT platform

A number of prominent cryptocurrency exchanges and service providers have recently launched non-custodial, multi-blockchain wallets in recent months to keep pace with interest in Web3 functionality.

Leading United States-based cryptocurrency exchange Coinbase integrated Web3 functionality with a wallet and browser for a select group of its mobile app clients in May 2022. Trading on NFT marketplaces was a big focus, while token swaps and other DeFi services were made available through exchanges like Uniswap and Opensea.

Robinhood promoted an upcoming non-custodial cryptocurrency wallet in May 2022 with cross-blockchain accessibility, which will also feature NFT storage and access to marketplaces. American brick-and-mortar gaming retailer GameStop followed suit with the launch of its own blockchain wallet, which will also feature NFT functionality.