Global crypto exchange firm KuCoin has enjoyed a solid start to 2023, with its user base going up by 26 percent YoY to 29 million as of June 2023 despite liquidity issues ailing economies worldwide.
KuCoin’s total trade volume topped 5.7 billion Tether (USDT), while the current circulating supply of its native token increased by more than 96.7 million KCSs, with the total number of KCS holders rising by over 1.8 million in the first six months of 2023.
The Latin America region contributed the most to the exchange’s growing user base over the past year, recording 69 percent growth in its user base during the period. Other key regions such as Middle East & Africa (38 percent), Europe (34 percent), and Asia (28 percent) also showed robust growth compared to H1 2022.
Proof of Reserves (PoR)
According to KuCoin’s latest PoR snapshot taken on 30 June 2023, its Bitcoin (BTC) reserve ratio clocked in at 104 percent, Ethereum (ETH) 115 percent, USDT 105 percent, and USDC 114 percent.
Assets and New Listings
KuCoin listed 89 new assets from January to June 2023, bringing the total number of digital assets listed for trading on the platform to 794 and the total number of trading pairs to 1,364.
Trading
KuCoin’s trade volume surpassed 5.7 billion USDT in H1 2023, courtesy of the 12 million trading bots created by investors. Currently, the platform has 700+ Spot trading pairs and 100+ Futures trading pairs.
Meanwhile, hashrate sales on KuCoin Pool in H1 2023 grew by over 550 percent, ranking the exchange among the top 10 global mining pools.
The 40th burn of KuCoin Token (KCS) was conducted in May 2023, marking the most recent token-burning undertaken by KuCoin, leaving the current circulating supply to 96,794,195 KCS.
In this context, the total number of KCS holders reached over 1.8 million in January-June 2023 alone.
Community Growth and Expansion
During the first half of 2023, KuCoin Community Chain (KCC) experienced significant growth and development. The total number of addresses on KCC increased by 23 percent to nearly 710,000, and the total transaction volume exceeded 20 million.
Over 100 projects integrated or deployed on KCC, covering various areas such as DeFi, NFT, GameFi, and Web3.0 Infrastructures.
KCC partnered with UniPass to facilitate direct interaction between users and KCC eco-projects through email accounts. It also prioritized on-chain security measures through strategic partnerships with HackenProof, PeckShield, BlockSec, and Certik.
Despite the money crunch wreaking havoc worldwide, KuCoin managed to improve its global workforce by onboarding more than 300 new team members.
The firm’s global communities enjoyed engagement from more than 1.5 million users as of June 2023, recording a growth of 20 percent since the beginning of 2023. The growth in English, Turkish, French, and Indian communities is significant.
Customer support was another key aspect of KuCoin’s growth during the period, with the exchange’s customer service helping resolve more than 600,000 queries between January and June 2023. KuCoin’s AI-powered chatbot played a big role in this regard. Launched in April 2022, the chatbot has addressed queries and assisted over 300,000 users till June 2023.
Investment & Research
Since its inception in 2021, KuCoin Ventures has proudly backed more than 50+ companies. Some of the recent inductions include the following:
While KuCoin Ventures is the firm’s investment initiative, KuCoin also focused on research and incubation through KuCoin Labs. After investing around $15 million in 30 crypto projects and three blockchain funds through 2022, KuCoin Labs has successfully turned into an incubation field and held its first season “The Astro Selection” Incubation Program, in which 8 projects were selected among 500+ applications to join the 8-week journey with industry leaders and top institutions.
Riding on the progress in the industry, KuCoin will be celebrating its 6th anniversary in the second half of 2023.
Johnny Lyu, CEO of KuCoin, stated: “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,” he added.
