What is KuCoin?
Emerging as an exchanger but later becoming full-fledged cryptocurrency exchange, KuCoin succeeded in gathering a multi-million user audience in more than 200 countries, providing virtual asset exchange services based on a team of 7 people. It ranks among the top 10 trading platforms in terms of trading turnover.
Full name of the company: KuCoin
Foundation date: 2013
Founder: Michael Gan (PRC)
Capitalization: more than 1.74 billion dollars
Legal status: registration in Singapore
Market geography: more than 207 countries, except China, Afghanistan, Algeria, Qatar
KuCoin crypto exchange is a trading platform that allows users to conduct various transactions in digital currencies. Today, there are more than 1000 trading pairs available, the most popular are ETH/USDT (the share of 14% of all deals), BTC/USDT (12%), DOGE/USDT (4%), XRP/USDT (3%), and ADA/USDT (2.5%).
The following types of trading are available on the exchange:
- spot trading - making sale and purchase transactions for coins at market value. All types of orders are available (limit, market, market, stop limit);
- marginal - carrying out trading transactions with leverage up to 1:10;
- derivative market - transactions are made on a special platform KuMEX, while traders have access to futures contracts USDT-M (20 cryptocurrencies paired with USDT) and Coin-M (BTC, DOT, XRP, ETH) with leverage up to 1:100;
- exchange of cryptocurrency for fiat money – dollars, euros, and 100 other currencies are available for buying cryptocurrencies. The user creates a new purchase order or chooses among the current offers from market participants.
Access to the trading floor is possible via PC or smartphone. In the latter case, there is a mobile application adapted for Android and iOS.
Loyal customers are invited to join the referral program to get a passive income: there are rewards and bonuses for participating in contests and completing tasks.
If you are a KuCoin Token holder and want to create an account on the exchange, you will get a bonus (by distributing the trading fee that the company earns).
Besides trading cryptocurrency, users can increase their income through lending and staking. Lending is the platform's own service for borrowing, where you can lend popular coins and receive interest (for example, the daily rate is 0.02-2% for BTC). All borrowings have fixed terms to choose from, namely, 7, 14, and 28 days. Stacking on KuCoin allows you to earn on the coin storage.
KuCoin (KCS) is the exchange's own coin, released in circulation via ICO. The company issued 200 million tokens, and it burns some of the funds every quarter.
The token meets the ERC-20 standard, and its holders use it to reduce commissions for exchange transactions. KCS Bonus is a special incentive mechanism when the holder has 6 or more coins, which allows him to participate in a partial distribution of the company's daily profits (up to 50%) and develop the platform ecosystem.
KuCoin Spotlight is a brand-new cryptocurrency exchange platform that raises funds for blockchain startups. All applicants are checked against 100 compliance parameters, resulting in the project being placed in Spotlight with a high token ranking.
2013 – Ant Financial's former CTO Michael Gan and iBOX general manager Jack Zu created a cryptocurrency exchanger calling it Kubi so that every user could buy and sell digital coins in two clicks.
2014 – the official launch of the Kubi project, headquartered in the PRC.
2017 – following the Chinese authorities' tightening of regulations in the crypto industry, the project moved to Hong Kong, and a full-scale development team was formed.
By mid-year, Michael Gan completely rebranded Kubi exchanger into KuCoin, a cryptocurrency exchange. Later, the official mobile application for iOS and Android smartphones was released. At that same time, the ICO was held, and the KuCoin Token was issued.
2018 – venture capital companies like IDG Capital, NEO Global Capital, and Matrix Partners allocated $20 million to develop the platform. The funds were raised as part of a financing round.
That same year, KuCoin directed a $3 million investment to support the Bitcoin Australia trading platform.
An agreement with Israel-based startup Simplex was signed, allowing users of the trading platform to buy a cryptocurrency and pay via debit and credit cards.
2019 – the first IEO token sale on KuCoin took place. Support for Visa and MasterCard payment cards was added.
In the spring, Arwen's startup solution was implemented, allowing customers of centralized exchanges to control their private keys, thereby performing non-custodial trading on the KuCoin exchange.
A new feature became available for users, namely, support for sub-accounts. That meant access to managing multiple second-level accounts through your main account.
2020 – KuCoin entered a strategic partnership with the Poloniex exchange to research and develop the crypto industry. At the end of September, the website was attacked by hackers, which resulted in the theft of more than $200 million from hot wallets. During the investigation, it was possible to find those responsible for the attack, in addition, the crypto exchange restored its work in full and promised users to compensate for the damage. A month later, KuCoin managed to recover most of the stolen funds.
2021 – by the end of the year, the cryptocurrency exchange ended serving Chinese citizens and prohibiting new Chinese users from registering accounts. KuCoin created a venture capital unit and formed a $100 million foundation to fund projects aimed at developing metaverses.
2022 – crypto exchange launched Creators Fund with $100 million in assets to finance startups in the NFT field.
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