Posted: December 28, 2023 5:22 AM Updated: December 28, 2023 5:23 AM
Correction and fact check date: December 28, 2023, 5:22 AM
briefly
KuCoin Labs has partnered with OOFP to expand the ecosystem alliance to encompass all Bitcoin assets, including BIIS and DOVI.
KuCoin Labs today announced a partnership with OOFP, a Bitcoin ecosystem project specializing in providing value-added services for assets such as inscriptions, runes, and NFTs.
OOFP combines various strategies, including mining vault pools and holdings, staking, and Decentralized Finance (DeFi), to promote asset value appreciation and growth. The overall goal of the project is to create a vibrant ecosystem within the Bitcoin network where participants can benefit from an increase in the value of their assets.
“The strategic partnership between KuCoin Labs and OOFP is consistent with our commitment to supporting innovative blockchain projects. OOFP’s vision and technology have the potential to transform the way we interact with blockchain tools, and we are excited to be part of this journey,” said Lou Yu, Director of KuCoin Labs.
Additionally, OOFP operates on the principle of fostering a thriving ecosystem for Bitcoin assets, providing value-added services and asset valuation opportunities. The goal is to attract and engage participants to contribute to the overall development and success of the Bitcoin ecosystem.
The strategic collaboration with KuCoin Labs will position OOFP to expand ecosystem partnerships with all Bitcoin assets, including BIIS and DOVI.
Moreover, the Bitcoin ecosystem has surged in popularity, especially through Inscription, and various underlying protocols have emerged. The partnership between KuCoin Labs and OOFP aims to foster progress within the BTC ecosystem, improve user experience, and expand access to blockchain technology.
KuCoin’s recent highs and lows
Earlier this month, KuCoin Ventures, the investment arm of the KuCoin cryptocurrency exchange, announced $20,000 in funding to The Open Network (TON). These funds will benefit five TON-based mini-applications in the fields of payments and GameFi. This support extends to innovative projects, R&D, community building and marketing, including initiatives such as Future3 Campus and TON Bootcamp.
This grant highlights KuCoin’s commitment to fostering innovation and growth in decentralized networks.
In the second week of December, KuCoin agreed to block New York users and pay a total of $22 million to settle a lawsuit launched in the state. The move is consistent with New York’s regulatory efforts on digital asset companies.
The $22 million payout includes a $5.3 million fine to the state and repayment of $16.7 million worth of cryptocurrency to 177,800 New York investors. The legal action began earlier this year when Seychelles-based KuCoin was accused of failing to register with the state before facilitating cryptocurrency trading.
As part of the settlement, KuCoin committed to cease trading securities and commodities in New York.
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About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.