An in-depth report released by the KuCoin cryptocurrency exchange has revealed that the company achieved considerable traction in the period of Q1 of 2022. The report highlights the financial and community factors that have helped KuCoin attain some important milestones.
The most important achievement the KuCoin exchange highlights in the report pertains to the number of newly registered users. The exchange has acquitted itself well before users from Asia, Europe and the Middle East and Africa, which have ranked top 3 in terms of new user inflows. The statistics from Asia dominated, showing 1,503% year-over-year user registration increase. The Middle East and Africa claimed 300%, while Europe added 219% in terms of new users. Overall user activity has spiked by 451% year-over-year, according to the report.
The provided statistics also revealed that the exchange has achieved a cumulative trading volume exceeding $1 trillion in the sport and futures trading sectors. Average daily volumes have surpassed the $11 billion mark. The exchange also reported that futures trading stood at $15 billion, while daily peak trading volumes overstepped the $9 billion threshold. Such figures were attained in some part thanks to the expansion of the list of supported coins and projects. KuCoin added stablecoins and 35 new assets to its list in addition to 44 cryptocurrencies and 59 trading pairs during the period.
KuCoin has also ramped up its online presence in social networks, as evidenced by the exchange’s Twitter channel, which has reached a total of 1.6 million followers after attracting over 320,000 new followers over the indicated period. In total, the exchange has 23 global communities totaling 580,000 subscribers who regularly follow the company’s updates and news releases.
Another important development for KuCoin in Q1 of 2022 was the release of the updated KCS Whitepaper. The document, released on March 29, states that the exchange is entering a new era and provides detailed insight into token distribution schemes and deflationary mechanisms. Other aspects covered in the document included the development of a self-circulating ecosystem and the KuCoin Community Chain, or KCC, which is designed to become a launchpad for the KCS. The KCC is to be built by the fans of KCS and other fan communities of KuCoin, further expanding the applications of the exchange’s services and bolstering its performance. Some of the use cases foreseen for KCS as part of the ecosystem include liquidity mining, payment for commission fees, and more.
The exchange is also making headway with new partnerships. Among them is the establishment of relations with Xangle – a virtual asset information disclosure and data research platform, as well as Blocktopia, which helped KuCoin establish a presence in metaverse space via a fully-operable digital office. The investment division – KuCoin Labs, has also accelerated its activities, making considerable liquidity injections in nine cryptocurrency projects and two private equity funds. The total amount of investments is said to have reached $10 million. Among other strategic investment projects was MojitoSwap, which is to become the largest decentralized exchange within the KCC ecosystem.
The performance metrics achieved by the KuCoin exchange in Q1 of 2022 were supported by the expansion of staff and the attraction of talent. The company currently employs almost 1,000 personnel across the world and is intent on hiring more as it enters new markets and fosters higher cryptocurrency and blockchain adoption through a variety of educational and supporting programs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
