In an effort to boost the liquidity on its exchange, Kucoin has announced that it is bringing USD deposits and withdrawals to the platform.
In an announcement, Kucoin said that it was releasing this “first-of-its-kind platform feature” with the help of a strategic partner — whose name has not been disclosed.
Kucoin also stated that the new feature will open up the platform to a new, broader audience while also attracting more institutional liquidity.
The deposits and withdrawals will also be instant, making Kucoin one of the few exchanges to offer such a feature. The instant deposit and withdrawal service is currently in its beta testing phase. However, individuals can currently sign up to be a part of its early pilot program.
In a video released with the announcement, the entire process of withdrawing and depositing USD is demonstrated. The feature will require the use of the Kucoin app.
Using your mobile wallet, you can both buy and sell Bitcoin (BTC) with USD. All of this is done instantly using a QR code and your mobile phone’s face ID. Instant withdrawals and deposits will be available on a 24/7 basis.
This feature can be tried now by simply signing up for the beta version. The full rollout of the service has yet to be announced, but it should be released within the next few months.
The Hong Kong-based Kucoin exchange opened its doors in late 2017 and raised $22M during its initial coin offering (ICO) for its native token, Kucoin Shares (KCS).
Holders of Kucoin Shares receive 50 percent of the exchange’s trading fees in a profit-sharing system along with additional trading discounts. Reward payouts for holders are given in equal proportion of each cryptocurrency currently traded on the platform.
Will you be using Kucoin’s instant withdrawals and deposits feature? Let us know in the comments below.
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