Thanks to implementing technical novelties, passionate community management and the launch of cutting-edge transparency instruments, KuCoin exchange continues expansion despite increased pressure on crypto markets.
KuCoin exchange witnesses 26% YOY user base growth amid uncertain market
Top-tier cryptocurrency exchange KuCoin releases its KuCoin in H1 2023: Sustaining Robust Growth report on the major accomplishments it has achieved in recent six months. KuCoin reports a 26% YOY increase in active user count and notable trading volume milestones.
By June 2023, the net number of registered users surpassed 29 million. Largely, the growth in the user base can be attributed to expansion in Latin America. In LatAm, 69% growth took place, while the EMEA and Asia region also printed impressive user base count spikes: 34% and 28% upsurges compared to H1 2022 were registered.
Aggregated trading volume across spot and futures markets on KuCoin exceeded $1 trillion in USD equivalent.
Decent growth was also registered in the Trading Bots module of KuCoin spot and futures trading dashboards. Twelve million bots were created in H1, 2023. In total, their operators generated $5.7 billion in USD-denominated trading volume.
As of H1, 2023, over 700+ spot trading pairs and 100+ futures trading pairs are available for trading bot operators. A more advanced automated trading instrument, Spot Grid AI Plus, made AI-powered trading on KuCoin more streamlined and newbie-friendly.
In H1, 2023, its team proudly onboarded 300 new members across the world to better facilitate global crypto community needs.
Major service updates activated
Eighty-nine new cryptocurrencies were listed on KuCoin in the last six months, bringing the total number of cryptos on the exchange to 794.
Over 1,300 trading pairs are available for futures and spot traders on KuCoin. Out of these tokens, 49 cryptocurrencies had their primary listings on KuCoin.
As covered by U.Today previously, Sui (SUI) token sale was the most anticipated event on KuCoin Spotlight, a token sale platform by KuCoin exchange.
Advanced transparency and community progress, large-scale bug bounty initiative
KuCoin also announced the biggest bug bounty program among all the exchanges in partnership with cybersecurity company Hacken for $1M bug bounty awards
In H1, 2023, KuCoin continued to publish its proof-of-reserves transparency reports. Per the latest report unveiled on June 30, 2023, the exchange has a Bitcoin (BTC) reserve ratio of 104%, Ethereum (ETH) reserve ratio of 115%, U.S. Dollar Tether (USDT) reserve ratio of 105% and USD Coin (USDC) reserve ratio of 114%.
Johnny Lyu, CEO of KuCoin, stressed the importance of the milestones accomplished by his team in Q1-Q2, 2023:
In the first half of 2023, KuCoin has showcased an exceptional dedication to innovation, trust, and customer satisfaction. We prioritize outstanding customer support, successfully addressing over 300,000 user inquiries by harnessing the power of an AI-driven chatbot between January to June 2023. Trust and transparency form the bedrock of KuCoin's values, as demonstrated by our stringent anti-fraud measures and the regular release of Proof of Reserves data, ensuring our users that their assets are securely safeguarded. Our commitment to ongoing progress is evident through the addition of 89 new assets, the remarkable expansion of the KuCoin Trading Bot, and the upcoming debut of KuCoin Learn, 6th year anniversary with product and brand upgradation, an indispensable resource for crypto enthusiasts. As we forge ahead, KuCoin remains devoted to empowering our users and fostering the growth of a flourishing crypto ecosystem for generations to come.
Also, KuCoin recently launched its education program KuCoin Learn. It is a go-to knowledge base covering the basics of cryptocurrencies, crypto trading, and investing in digital assets
Last but not least, its community audience records growth by 20% since the beginning of 2023 and exceeds 1.5 million crypto enthusiasts across the globe.