MATIC up 6% on Polygon’s big strategic partnership announcement
Polygon Network has become a strategic partner of KuCoin Wallet. Details of the collaboration between the Layer 2 blockchain and the wallet of one of the largest cryptocurrency exchanges were revealed today in a press release. MATIC quotations were up 6% in one moment but later gave up some of the gains.
— KuCoin Wallet (@KuWallet) October 14, 2022
The main reason for choosing the Polygon ecosystem as the basis for KuCoin Wallet is the ability to reduce transaction fees and increase transaction processing speed. In addition, the head of KuCoin Wallet, among Polygon Network’s advantages, notes the blockchain’s attractiveness to the newest and most advanced developers, potentially enabling the wallet to integrate them into its infrastructure.
KuCoin aims to break into hot wallet market
KuCoin Wallet’s integration of one of the most advanced and booming blockchains into its operation may be the wallet team’s desire to gain its share of the hot wallet market. By working to improve its product with the help of such powerful partners, KuCoin first and foremost hopes to increase its wallet’s user base.
The wallet trend is one of the few that has not yet happened on the crypto market. Wallets, especially noncustodial ones like Trust Wallet or MetaMask, will have to become new exchanges and, according to the same CZ, leader of Binance, become a guide for millions of newcomers to crypto and Web3 in the near future.