Following this launch, the new product will include an advanced innovative anti-phishing verification, a business wallet address verification, as well as official contact verification, which combined detect, reduce and eliminate the potential of online risks, such as fraud.
The new set of anti-fraud services aims to improve the experience of customers and businesses, protecting their assets and providing them with a comprehensive set of measures that will make any action more secure and efficient.
The business wallet address verification product will verify through the Official Media and Wallet Verification Portal any business wallet addresses of KuCoin. If through a fraudulent intention, a scammer is trying to impersonate a KuCoin official to provide a business proposal to a client, the official wallet address verifier will detect and prevent it from happening at the end of the transfer.
The verification portal can be used only by KuCoin’s clients that have their official business wallet addresses under the company, as well as under ETH-ER C20, TRX-TR C20, SOL-SPL, and BSC-BEP-20 standards. Furthermore, the portal may not be able to verify addresses that are not USDT-USDC related, which will be normally generated after a technical integration.
Another feature on the official media and wallet verification portal is the anti-phishing verification program. Through this service, all of the conversations between the KuCoin team and businesses will be protected by an 8-digit number that is created by the business itself. This step will happen during the listing application filling process, to verify its authenticity.
Alongside the anti-phishing feature, companies can benefit from the official contact verification tool. In case of a user that questions the authenticity of an individual claiming to be from KuCoin, they can verify the company’s information (email address, social media accounts, as well as phone numbers) through the same portal.
Headquartered in Africa, KuCoin represents a customer-oriented platform that focuses on community action reach and on protecting its client’s data information and transactions. The company provides its business with multiple services, such as margin trading, P2P fiat trading, staking, futures trading, and spot trading.
In 2022, KuCoin announced that it started to support the Brazilian Real (BRL) deposits and withdrawals. This announcement came after the Central Bank of Brazil’s policy changed, which imposed a deadline for exchanges to update their user verification processes to comply with international regulations regarding fiat-to-crypto transactions.
Earlier in 2022, the company announced its pre-Series B funding round, bringing it to a value of USD 10 billion. Jump Crypto let the round and investment funds, and the inflow of capital allowed the exchange to expand beyond centralised trading services and augment its presence in Web3, including GameFi, crypto wallets, NTS, and DeFi platforms.
This was possible through KuCoin Ventures and other investment arms. The KyCoin community built a public chain called KCC, on which resources are deployed to create a decentralised ecosystem.
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