KuCoin offers its traders a self-custody feature for crypto assets

Thursday 18 April 2019 13:26 CET | News

Cryptocurrency exchange KuCoin has revealed a feature, which allows users to custody their own crypto assets while trading.

For this feature, KuCoin has integrated a new technology from US-based startup Arwen. The solution allows traders to maintain control of their private keys while trading on centralised exchanges. With Arwen’s technology, trades are executed via a ‘layer two’ blockchain protocol that is meant to enable traders to benefit from the liquidity and speed of the centralised exchange’s orderbook. It also enables secure trading between parties, without the need for trust by relying on the traded cryptocurrency’s native blockchain.

However, as KuCoin’s implementation of the tech is launched in beta mode, the service is initially limited. Escrow sizes are limited to about USD 100, and trade sizes are limited to about USD 25 as a standard security measure. Moreover, in order to get started with the service, traders will need a KYC-verified KuCoin account, and they should neither be located in the US nor in countries sanctioned by the US.

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Keywords: cryptocurrency, KuCoin, exchange, traders, self custody, crypto assets, KYC, verification, US, centralised exchange, security
Countries: World