Hong Kong-based cryptocurrency exchange KuCoin is partnering up with blockchain-powered gaming platform BetProtocol.
The move means that developers on the platform will be able to add KuCoin Shares (KCS) as the primary token in their gaming apps.
A ‘crucial step’ for ‘wider adoption of blockchain’
Speaking about the partnership, co-founder of BetProtocol Justin Wu enthused that it was a “crucial step that will allow for wider adoption of blockchain, and also open the door to future gaming platforms that use KuCoin Shares (KCS) exclusively”.
The alliance between the two companies will also increase the demand for KuCoin Shares (KCS). BetProtocol allows for the rapid deployment of gaming platforms without using any code. For a small monthly fee, players can gain access to a wide variety of games with cryptocurrency integration.
It is currently aimed at casinos with games like Roulette, Dice, Baccarat, and Wheel. However, the company looks to expand in the coming year, adding new verticals including eSports and Sports Books.
Teaming up with the KuCoin exchange will encourage wider use of the platform as operators will be able to use KCS as the payment vehicle for deposits, withdrawals, and also in-game purchases.
The company also hopes that it will improve the liquidity of the games in its ecosystem by incorporating KCS.
“The mass adoption of crypto and blockchain technology is the long-term goal of KuCoin,” said CEO Michael Gan.
“We believe the expansion of KCS use cases can surely contribute to that.”
A little more about KuCoin Shares (KCS)
KuCoin Shares (KCS) is the native exchange token of the KuCoin exchange. Like other exchange tokens such as BNB, KCS rewards users with discounted trading fees. However, KCS offers holders a lot more besides.
It is a reward-based cryptocurrency exchange token that pays out a daily dividend called “KuCoin Bonus”. This is an additional incentive for users to buy and hold KCS. The payout is the equivalent of 50% of daily trading fees on the exchange.
Interestingly, KCS dividends are not necessarily paid out in KCS but in the asset that has traded most that day, enabling holders to diversify their portfolios.
The KuCoin exchange has been in operation since September 2017 and has seen steady growth since then. The company self-proclaims to be the “people’s exchange” as it places a high priority on the quality of assets and rewards its users in dividends.
This is an additional incentive that should entice BetProtocol’s casinos to integrate KCS in their apps, making it a win-win partnership on both sides.