Leading cryptocurrency exchange, KuCoin has entered into a strategic partnership with renowned Web3 shopping infrastructure, Uquid to enhance shopping with crypto across the globe. The exchange announced the development in an official blog post on Tuesday.
It is important to note that KuCoin Pay is an advanced payment solution designed by the exchange to provide a fast, secure, and seamless payment experience to users. This payment system supports different cryptocurrencies and integrates over 200 blockchains, providing unparalleled flexibility for processing crypto transactions.
Through this partnership, Uquid shop becomes the first e-commerce platform to incorporate KuCoin pay. Also, crypto enthusiasts across the globe can now enjoy a wide range of services including global payments, gift cards, gaming items, and everyday essentials.
To ease accessibility, the Uquid Shop is featured in an-app program within the KuCoin App under the KuCoin Pay section. In addition, users can also navigate the KuCoin ecosystem directly, choosing from the curated collection of over 510,000 digital products, including mobile top-ups, gaming credits, utility payments, gift card, among others.
KuCoin pleads guilty to US charges, agrees to $300 million in settlement
However, it is worth noting that this partnership comes barely a week after KuCoin agreed to pay $300 million as a settlement with the United States. According to the report, the exchange pleaded guilty to the charge of operating without a license before a Manhattan federal court.
As part of the settlement, the US Department of Justice (DOJ) said the exchange would forfeit $184.5 million and pay $112.9 million as fine. The DOJ also stated that the founders of the exchange, Micheal Gan and Eric Tang failed to implement good anti-money laundering and Know Your Customer Policies. In addition, the DOJ asked KuCoin to exit the US market, with its founders relinquishing their authority to a new management team.
Meanwhile, in the same month, the exchange also partnered with Kaia to boost blockchain and cryptocurrency adoption in Asia. To support the adoption, KuCoin stated that it would make provisions for incubation programs, technical support, and strategic promotion to support projects within the Kaia ecosystem.
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