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New milestone of 10 million users, ‘ushers in a new era for KuCoin’

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A great amount of institutional investment has been pouring into cryptocurrencies, post their strong rebound in 2020. Now, retail activity is on the rise as well. People’s interest in crypto has skyrocketed this year. Crypto is a hot topic not only among investors but in popular culture too.

Overall, 2021 has been a big year for the cryptocurrency space as a whole. Likewise, Kucoin has seen significant growth this year.

Significance 

KuCoin, one of the world’s leading crypto exchanges, announced it had crossed the 10 million global users mark. As per the official blog, the said platform achieved a 9x increase in the number of newly registered users compared to 2020. Trading volume also grew by almost 23x YoY, i.e. 23 times year-over-year growth in trading volumes.

KuCoin has made it to the top 5 cryptocurrency exchanges, sharing the same number of users with the largest digital asset platforms.

In addition to this, the aforementioned developments boosted the value of KuCoin’s native token, KCS. It witnessed a 3,000% increase in price compared to the beginning of this year. The total market cap of KCS reached $200 million. The flagship token gained positions from #75th to now a #72nd position. Even though it achieved an ATH since 2018, at press time – KCS was trading in the red zone with a 5% setback in 24 hours.

Supporting role

KuCoin has discovered over 540 crypto gems with over 1000 trading pairs, including QI, BOSON, BLOK, RMRK and XCAD in 2021. This has helped altcoins enjoy some sunlight. Meanwhile, not so surprisingly, it incorporated a metaverse-friendly business model. In fact, the team launched a $100 million Metaverse Fund to empower early-stage metaverse projects.

Johnny Lyu, the CEO of KuCoin reiterated the same optimism post-completing the said feat. Here’s what he stated:

“The support of KuCoin users is indispensable to our achievements today. The 10 million mark users ushers in a new era for KuCoin. As an accelerator and member of the emerging industry, KuCoin has the mission of facilitating the global free flow of digital value.”

Overall, it has been quite a year for the Seychelles-based exchange. From regulatory concerns in China to stolen funds– the exchange has seen it all.  Despite these challenges, according to CEO Johnny Lyu, the exchange’s trading volume topped $258 billion in Q3. This was an increase of 720% when compared to Q3 in 2020.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.