Web3

True Global Ventures doubles down on Web3 with $146M ‘follow-on’ fund

The TGV4 Plus Follow On Fund was led by a group of 15 general partners who committed over $4 million on average (over 40%) into the fund.

Venture capital firm True Global Ventures 4 Plus (TGV4 Plus) has announced the closure of a $146 million funding round earmarked for a wide range of Web3 projects — highlighting investors’ continued interest in crypto despite an ongoing bear market.

The latest closure, dubbed the TGV4 Plus Follow On Fund, was led by a group of 15 general partners who committed over $4 million on average (over 40%, or $62 million) into the fund. The majority of the funding will be primarily injected into Web3 companies within TGV’s portfolio, while the remaining will be used to invest in late-stage Web3 opportunities.

TGV previously invested in numerous Web3 initiatives using a base fund dedicated to the late-stage Series A, B and C across three business verticals: entertainment and gaming, financial services, and artificial intelligence. Prominent TGV investments include The Sandbox, Animoca Brands and Forge, among others.

Dušan Stojanović, one of TGV’s 15 general partners, shared his thoughts on investing during the bear market:

“It is much easier to see more clearly who the winners are now. This has created a high level of confidence amongst our investors.”

Stojanović also shared that market correction helps to select the strongest players as he advised fellow VCs to continue investing in crypto businesses:

“Regardless of the market situation, there are always good teams having great products at the proper time. Crisis is the best time to invest, not the bull market.”

Related: Huobi Global launches $1B investment arm focused on DeFi and Web3

Last week, on Friday, major crypto exchange Huobi Global launched Ivy Blocks, a new investment arm with a capital of over $1 billion in crypto assets.

In addition to the cash injection, Huobi offers other services including an asset management platform, a new blockchain incubator and a dedicated research arm.

Moreover, Lily Zhang, Huobi Global’s chief financial officer, confirmed that Houbi’s asset management department will provide “liquidity investments” to help decentralized finance and Web3 projects take off.

Axie Infinity: AXS price risks deeper losses despite 90% drawdown already

Interestingly, an AXS technical setup also predicts a 2,500% price rally despite the token facing major headwinds ahead.

Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021.

AXS’s sharp correction has made it one of the worst-performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below.

Low player count dampens AXS demand

To recap, AXS serves as a settlement token within Axie Infinity’s gaming ecosystem, allowing players to purchase native nonfungible tokens (NFTs), a flurry of digital pets called Axies.

It also acts as a work token that players can spend to breed new Axies.

New users that enter the Axie Infinity ecosystem need Axies to pit them in a battle against other Axies. When they win, the platform rewards them with another native token, called Smooth Love Potion (SLP), while winning larger tournaments grants them AXS.

Axie Infinity’s working schematic. Source: Decentralised.co 

As a result, old Axie Infinity players rely on new ones to maintain demand for Axies.

Otherwise, they could risk old players selling their SLP and AXS earnings in marketplaces (for example, crypto exchanges), thus adding downside pressure to their rates.

But, when the valuations of Axie Infinity’s native tokens drop, it also makes the game less appealing to new players, who would still need to pay for Axies to be able to earn lower-valued SLP and AXS units.

The Axie Infinity ecosystem has gone through the stages, as mentioned above, in 2022, with its player count dropping to 8,950 in June from 63,240 in January—an almost 85% decline, according to data provided by DappRadar. Interestingly, that coincides with AXS’s 80% price drop in the same period.

Axie Infinity statistics since March 2021. Source: Dapp Radar

Simultaneously, Axie Infinity’s in-platform volume, measured after assessing its Ronin chain data, has dropped from $300 million in September 2021 to a mere $2.12 million in June 2022.

At the same time, the project’s top executives have quietly changed their “play-to-earn” mission statement to “play-and-earn.” Its new head of product, Philip La, admitted in his August 2021 post that “Axie Infinity first needs to be a game.”

Inflation ramps up

Fresh inflation data has further dampened upside sentiments across the top-ranking cryptocurrencies, which, in one way or another, boosts AXS’s bearish outlook.

Notably, the United States consumer price index (CPI) rose by an annual pace of 8.6% in May versus 8.3% in the previous month, heightening investors’ fears that the Federal Reserve will be forced to hike interest rates aggressively in the coming months, which would push riskier assets lower across the board.

AXS/USD versus BTC/USD versus SPX daily price chart. Source: TradingView

AXS dropped 7.5% after the report came out on June 10, and fell by another 7% on June 11 to reach its three-week low of $16.79. The prospect of lower cash liquidity, led by the Fed’s hawkish policies, could result in more losses for the Axie Infinity token.

AXS price slips below key support

The slew of negative fundamentals has sent AXS’s price below a key support level, which may lead to extended downside moves in the coming weeks.

AXS plunged below the $18-$19 support range this week, which was instrumental in capping its downside attempts since the beginning of May. Also, testing the range as support had followed up with a circa 800% bull run between July 2021 and November 2021, as shown below.

AXS/USD weekly price chart. Source: TradingView

Now, the path of least resistance for AXS looks skewed to the downside, with the next downside target at around $9.00 by September 2022, more than 50% lower than the price on June 11. Notably, the $9.00 level served as resistance during the April-June 2021 session.

Conversely, a bullish cue comes from AXS’s potential descending broadening wedge (DBW) pattern on the weekly timeframe, confirmed by the token’s fluctuation between two diverging and falling trendlines.

Related: Metaverse tokens up 400% year on year despite altcoin bloodbath

Traditional analysts consider DBW as a bullish reversal pattern, which, as a rule of technical analysis, resolves after the price breaks above the structure’s upper trendline and rallies by as much as the pattern’s maximum height, as shown in the chart below.

AXS/USD weekly price chart featuring “descending broadening wedge” setup. Source: TradingView

If the pattern is confirmed, AXS would rebound on the path toward $465 within an unspecific timeframe, nearly a 2,500% increase from the price on June 11.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Jack Dorsey is building ‘Web5’ powered by Bitcoin

Block Inc. is looking to bypass Web3 entirely and focus on a new Bitcoin-centric model for identity management.

Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution. 

The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021.

Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets that described several software components working together to enhance the user’s experience and enable decentralized identity management.

Block has a lofty vision of “evolving the Web” by prioritizing identity management. Source: Block

According to Namcios, Web5 utilizes ION, which they describe as an “open, public and permissionless DID network that runs atop the Bitcoin blockchain.”

The Web3 Foundation describes DIDs as decentralized identifiers that enable “verifiable, decentralized digital identity.”

Web5 is essentially a decentralized web platform, or DWP, that allows developers to create decentralized web apps via DIDs and decentralized nodes, according to TBD’s prototype documents. Web5 will also have a monetary network centered around BTC, which mirrors Dorsey’s belief that the digital asset will one day become the internet’s native currency.

Related: Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

Dorsey’s motivation for pursuing a new web development model may stem from his belief that Web3 will never achieve true decentralization. The Block CEO has publicly criticized Web3 and the venture capital community that supports its development. In December 2021, Dorsey tweeted that individuals don’t own Web3 — VCs and their limited partners do. “It will never escape their incentives,” he said. “It’s ultimately a centralized entity with a different label.”


Circle to acquire Web3 platform Cybavo, bolstering its stablecoin adoption

Circle and CYBAVO intend to further promote the adoption of USD Coin and Web3 applications while integrating technology deeply into their core product suite.

Circle, a peer-to-peer financial services firm, has agreed to acquire Cybavo, a digital asset infrastructure platform. The deal will allow Circle to provide “infrastructure as a service” for firms wanting to develop on Web3.

Developers will be able to work on their products without having to worry about digital asset security, operations, or blockchain infrastructure management. According to the Friday press release, Circle and CYBAVO intend to further promote the adoption of USD Coin (USDC) and Web3 applications while integrating technology deeply into their core product suite.

Also, Circle wants to develop and operate CYBAVO’s products and services while integrating them as a new product pillar for Circle. Cybavo is a Taiwanese start-up formed in 2018 and raised $4 million in a seed round last year. Circle will invest in Cybavo’s research and development as well as provide support for its products and services.

Paul Fan, co-founder and CEO at Cybavo, said that “Circle and CYBAVO share similar operating principles and values and we are aligned in the belief that the market for Web3 apps will “cross the chasm” over the next few years, expanding into major consumer and enterprise-scale applications.”

Cointelegraph spoke with Circle about the venture that they termed as a “strategic acquisition,” intended to speed up the adoption of USDC and Web3 technologies while also improving existing product offerings and establishing a new “Crypto Platform Services” category at Circle.

According to the payments firm, its role in the ecosystem has been to link the traditional finance system with Web3 apps, adding :

“We believe the future is a more open platform for financial services that seamlessly connects these two worlds, with more core applications and services built on crypto and blockchain infrastructure.”

Circle did not disclose the terms of the deal with Cointelegraph, however.

Launched in 2018, the USDC stablecoin is the second-largest stablecoin after Tether (USDT), with a market capitalization of around $53.8 billion, and the fifth-largest digital asset by value, according to data from CoinGecko.

Related: These are the least ‘stable’ stablecoins not named TerraUSD

As reported by Cointelegraph, Circle recently raised $400 million in a funding round co-led by American investment firm BlackRock, the investment advisory firm Fidelity Management and Research, and the London-based hedge fund Marshall Wace and Fin Capital. The investment round will help Circle promote its development as the demand for the United States dollar-based digital currency grows.

Huobi Global launches $1B investment arm focused on DeFi and Web3

The bear market in crypto hasn’t deterred venture capital firms from investing heavily in blockchain and Web3 projects.

Digital asset exchange Huobi Global has spun out a new investment arm focused on decentralized finance (DeFi) and Web3 projects, further highlighting venture capital interest in the blockchain economy. 

Dubbed Ivy Blocks, the new investment arm has over $1 billion in crypto assets under management to deploy, a spokesperson for Huobi confirmed. These funds have been earmarked for “identifying and investing in promising blockchain projects,” the company said.

In addition to financing, Ivy Blocks will offer various services to selected projects, including an asset management platform, a new blockchain incubator and a dedicated research arm. The firm’s asset management department will provide “liquidity investments” to help DeFi and Web3 projects get up and running, according to Lily Zhang, Huobi Global’s chief financial officer.

Ivy Blocks on Friday also announced that Capricorn Finance, an automated market maker built on the Cube blockchain, was the first project to receive funding.

The firm’s focus on DeFi comes at a time when the sector’s overall value has declined by more than half from its peak. When measured in total value locked, or TVL, the DeFi sector is currently worth just under $133 billion, according to industry data. DeFi TVL peaked north of $316 billion in December 2021.

When measured in TVL, the DeFi sector is down 58% from its peak. Chart: DeFi Llama.

DeFi’s woes are a symptom of the so-called crypto winter, which has swept the market since the start of 2022. Analysts say market-cleansing bear cycles are healthy because they usually follow “irrational” periods where asset prices are bid up recklessly.

Related: After record growth, VC crypto investments decline 38% in May

Despite the downtrend, venture capital continues to flood the crypto scene, with investors prioritizing Web3 and metaverse plays. As reported by Cointelegraph Research, blockchain and crypto projects saw $14.6 billion in capital investments in the first quarter alone. To put that in perspective, venture capital investment in all of 2021 was roughly $30.5 billion.

Alchemy announces support for Solana Web3 applications the day after blockchain halted

The Web3 development platform and infrastructure provider will support Solana-built applications, despite the blockchain halting multiple times in 2022.

In an announcement published by Alchemy just one day after the Solana network temporarily halted on June 1, the Web3 development platform and infrastructure provider announced its support for the controversial blockchain.

Caused by a bug that made it impossible to reach network consensus, the Solana blockchain was halted for approximately four hours on Wednesday. This isn’t the first time the system has been compromised, as normal functionality has been halted five times already this year.

That didn’t seem to be a problem for Alchemy, which gives developers the ability to use its software and infrastructure in Solana-built applications. Now reportedly valued at $10.2 billion, the company is the creator of a Web3 API called Alchemy Supernode and a development suite used for monitoring and debugging called Alchemy Build.

This software has proved itself useful in the past when scaling and monitoring, with some of the company’s biggest partners including projects like nonfungible token marketplace OpenSea and liquidity protocol Aave (AAVE).

Francesco Agosti, chief technology officer and co-founder of Phantom, said his firm is excited about Alchemy’s Solana integration. “Their infrastructure and product suite has a proven track record for performance benefits,” he said. “This will be a game changer for Phantom and any other Solana developers who choose to start using Alchemy.”

Related: Chainlink launches price feeds on Solana to provide data to DeFi developers

This new integration goes to show that, despite recent outages and the price of Solana’s native SOL token falling 85% from its all-time high, it seems like the blockchain didn’t lose developers’ trust and so continues to be a valuable resource when building efficient Web3 applications.

Pride in the Metaverse: Blockchain tech creates new opportunities for LGBTQ+ people

The Metaverse and NFTs are allowing people across the world to celebrate Pride Month in various ways.

A number of social gatherings have started to take place in the Metaverse as companies across the globe begin to understand the value that virtual interactive environments can have for consumers. It shouldn’t come as a surprise then that Pride Month — a month-long celebration held in June to commemorate the 1969 Stonewall Riots — will be celebrated in various metaverse environments this year. 

Pride in the Metaverse creates open access

Akbar Hamid, co-founder of People of Crypto Lab (POC) — an innovation hub dedicated to increasing diversity and representation in Web3 — told Cointelegraph that the Metaverse is an incredible way to allow people around the world to partake in events they may not be allowed to participate in otherwise. “We want Pride Month 2022 to be an event anyone can join, even in countries where people are not allowed to participate,” he said.

Although Pride Month is celebrated openly in many places, 71 countries ​​currently criminalize being LGBTQ+. In order to push against this, Hamid explained that POC has collaborated with The Sandbox — a blockchain-based metaverse project — to launch a virtual diversity, equity and inclusivity hub during Pride Month. Known as Valley of Belonging, this unique youth center will enable people across the world to celebrate, said Hamid:

“Marginalized communities tend to be left behind, so POC’s goal with Valley of Belonging is to ensure that each community has access to events they can openly participate in. And given the current climate of rising discrimination against LGBTQIA+ and other minorities, there has never been a more important time to build a safe space that welcomes all.”

In order to achieve the goal of “belonging,” Simone Berry, co-founder of POC Lab, told Cointelegraph that Valley of Belonging will consist of 8,430 nonfungible token (NFTs) avatars that represent different ethnic, gender and sexual identities. “All of our avatars are non-binary, meaning they don’t identify with any gender or sexual orientation. This is also the first NFT project in The Sandbox that allows users to customize avatars using pronouns,” explained Berry. She added that avatar traits will consist of over 36 different skin shades while incorporating features that celebrate differences like prosthetic limbs, along with cultural identifiers like a hijab.

POC’s avatars featuring NYX makeup. Source: People of Crypto Lab

Berry also noted that NYX Professional Makeup — a subsidiary of L’Oreal — will integrate into The Sandbox to feature voxelized makeup looks, which will further help drive adoption. “In order to demonstrate that makeup is genderless, all of the avatars in our mint, which will take place June 17, will feature makeup from NYX,” she said. Yasmin Dastmalchi, general manager of NYX Professional Makeup, told Cointelegraph that the partnership with POC and The Sandbox is important since it allows diverse communities a forum for true self-expression, noting that the Metaverse “has become a form of digital identity.”

Decentraland will also allow users to openly celebrate Pride Month 2022 in its blockchain-based Metaverse with a month-long event featuring entertainment, experiences and curated content. Iara Dias, head of Metaverse Pride and senior producer at Decentraland, told Cointelegraph that Metapride Land is debuting its headquarters in Decentraland to celebrate Metaverse Pride:

“This will offer a permanent safe space for the global LGBTQIA+ community to engage and meet other members around the world. Users will be able to access the space year-round, not just during Pride Month, further ensuring Decentraland and its partners’ commitment to supporting the LGBTQIA+ community.”

Dias added that Decentraland will host Metaverse Pride on June 11, which is a celebration honoring the LGBTQIA+ community. She elaborated:

“Debuting during Pride, the long-awaited ‘kissing’ emote will allow avatars to kiss each other and express their feelings towards one another. Furthermore, couples from all sexual orientations can get married in the metaverse and receive NFT certificates of their union.”

According to Dias, these features present a unique opportunity for same-sex couples who reside in countries in which they are not allowed to express their commitment. “There will also be drag queens presenting for the first time in the Metaverse, along with a special vogueing-capoeira performer that marks the first time this type of dance and presentation have entered the Metaverse,” she commented.

“Metapride Land” in Decentraland. Source: Decentraland

How safe is the Metaverse?

While it’s notable that both The Sandbox and Decentraland will host Pride events this year to ensure new opportunities and access, it’s important to point out that safety and security are still ongoing challenges in the Metaverse. 

Online communities like gaming chat rooms are notorious for hate speech against racial and sexual minorities. Indeed, budding metaverse communities have been shown to be hotbeds for racism, bigotry and misogyny.

One researcher who recently entered Meta’s social-networking platform Horizon World using an Oculus virtual-reality headset announced that her avatar was raped in the virtual space.

Recent: Crypto knocking on the WEF’s door: The view from Davos

Given these concerns, Sebastien Borget, co-founder and chief operating office of The Sandbox, told Cointelegraph that the platform is taking security very seriously as more events are hosted virtually. “Education on security in The Sandbox is critical to onboarding the next billion users to the Metaverse,” he said. Borget added that The Sandbox’s recent partnership with hardware wallet Ledger will help promote security in the Metaverse.

Given that Decentraland is also a blockchain-based platform, Dias pointed out that users’ data and privacy protection are paramount. “The only user identifications on Decentraland are usernames and wallet addresses. This allows users who wish to remain anonymous the ability to fully express themselves without the fear of being identified,” she said.

In regard to appropriate behavior, Dias mentioned that Metaverse Pride has laid out behavioral guidelines, allowing users to block others if they experience harassment. “We’ll use non-player characters to offer guidance on how to do this, but we have also made this very user-friendly.”

Web3 takes Pride to new heights

Challenges aside, Web3 as a whole is allowing Pride Month to extend far beyond what has previously been possible. Shedding light on this, Dias commented that compared with real-life Pride events, the Metaverse enables people around the world — even in dangerous places — to participate. In addition, she said that a person’s digital identity defined via an avatar can give users the courage to be whoever they wish. “I wouldn’t be surprised to hear stories of people saying their avatar helped them to be brave, and finally come out and be their authentic self.”

A number of artwork NFTs are also being launched to celebrate and raise awareness for Pride Month. For example, Serge Gay Jr. and Dan Nicoletta, both photographers and close friends of Harvey Milk — an American politician and the first openly gay man to be elected to public office in California — recently launched a limited edition NFT art series inspired by Milk’s legacy.

From “The Friends of Harvey Milk Plaza” NFT collection. Source: Serge Gay Jr. and Dan Nicoletta

Nicoletta told Cointelegraph that the goal behind “The Friends of Harvey Milk Plaza” NFT collection is to foster support for LGBTQ+ civil rights and within the emerging NFT art market: “I’m not seeing a lot of LGBTQ+ content in that realm yet, so I am excited about the possibilities and to be working in that medium for the first time.”

Recent: Anonymous culture in crypto may be losing its relevance

Brian Springfield, executive director of The Friends of Harvey Milk Plaza in San Francisco, further told Cointelegraph that proceeds from the NFT project will go to the Friends of Harvey Milk Plaza to support creating a safe, inclusive space in San Francisco’s Castro district.

“The goal of The Friends of Harvey Milk Plaza NFT Collection is to raise awareness around The Memorial at Harvey Milk Plaza project in San Francisco, and to inspire other cities to build similar spaces in their own communities,” he said.

“Castro Street fire escape revelers 1978.” Source: Danny Nicoletta, original image

Pride Icons is another NFT project that aims to highlight the LGBTQ+ community. Regev Gur, chief marketing officer of Pride Icons, told Cointelegraph that the NFT collection features images of important people within the LGBTQ+ community, such as Andy Warhol and Elton John.

Andy Warhol NFT. Source: Pride Icons

Gur shared that he grew up with a gay father who hid his true identity for years. As such, he explained that the biggest goal behind Pride Icons is to put a spotlight on the LGBTQ+ community while making blockchain accessible to those who may not be aware of the benefits associated with the technology: “This is really about education — we need to educate people of all backgrounds on the power of Web3 and NFTs.”

Netscape creator says Web3 really is like the rise of the early internet

Billionaire tech entrepreneur Marc Andreessen says that the current proliferation of Web3 and blockchain technology looks just like the internet in the late 1990s.

Billionaire tech entrepreneur turned venture capitalist Marc Andreessen says that Web3 and its underlying blockchain technology reminds him of the rise of the early internet. 

Andreessen, better known today as the co-founder of the blockchain-focused venture capital firm Andreessen Horowitz (a16z), originally found success by developing the first widely used web browser called Mosaic and then founded Netscape Navigator, which dominated the browser market throughout much of the 1990s.

Appearing on the Bankless podcast alongside investment partner and colleague Chris Dixon, Andreessen said that increasing adoption and a flurry of development in Web3 appears remarkably similar to the rush of activity that marked his early years in tech.

Andreessen stressed that he would not make this sort of sweeping comparison idly and that it was the first time he’d ever made such a claim:

“This is the only time I’ve ever said this [Web3] is like the internet. If you go back through all my historical statements, one could imagine that with my experience I could have said this like 48 times. I’ve never made the comparison before.”

“I’ve never said it about any other kind of technology, because I just wanted people to know like I don’t take the comparison lightly.”

While the parallels between the adoption path of blockchain tech and the early internet have often been made by crypto enthusiasts (to the chagrin of crypto critics), Andreessen’s front-line experience lends him unique authority to make such statements.

He added that the current Web3 landscape is attracting the world’s smartest people:

“The easiest way to think about it is, when you get something like this that has a movement, that has this sort of collective effect and has a movement behind it, and is attracting many of the world’s smartest people to work on it, basically the criticisms play out differently than the critics think.”

Pushing back against the “long list” of criticisms leveled at crypto and digital assets, Andreessen said that Web3 entrepreneurs see these “problems” as opportunities.

“The critics make this long list of all of the problems, but you’re getting these genius engineers and entrepreneurs [who] flood into the space. What happens is, they look at that list of problems as a list of opportunities.”

“It’d be like if you had a house project [that] was going sideways and you get all these complaints, and then all of the world’s best architects and master builders showed up the next day to fix your house,” he said. “All of a sudden you’ve got the best house in the world. This can actually happen.”

Andreessen said that Web3 is the “missing” link for the internet, bringing trust, sovereignty and financial utility to the ecosystem:

“We were […] missing trust, authority, permission. We were missing the ability to transact with people for trusted relationships, transact, send money, store money, and then have all the other economic arrangements that the world wants to have [such as] loans and contracts and insurance and all these all these other things.”

Previously known for its early investments in Instagram and Slack, a16z first entered the crypto industry with an investment in Coinbase in 2013 and has since backed major cryptocurrency-related businesses, including Polychain Capital, OpenSea, Solana, Avalanche and Yuga Labs.

A week ago, it announced the launch of its fourth cryptocurrency fund at $4.5 billion, bringing the total amount of capital invested by Andreessen Horowitz into crypto businesses to just over $7.6 billion.

According to a letter penned by managing partner Chris Dixon, a16z launched the latest fund to capitalize on what Dixon calls the “golden era” of Web3 development.

Related: Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption

Andressen concluded the podcast with a succinct explanation for why a16z is tipping so much money into the industry:

“We could actually imagine the entire global economy running on the blockchain like 30 or 50 years from now.”

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.