Cryptocurrency

KuCoin reports growth in volume, user count through crypto winter

Hull Invest

According to KuCoin’s 2022 Annual Report, the number of users and trading volume of KuCoin on the spot and futures markets exceeded $27 million and $3.6 trillion respectively.

Through 2022, the exchange welcomed over 13 million new users. This represents a 102% year-over-year growth. reportOf these new users, 7 million, or 53.8%, are in the Asia-Pacific region.

Team and Portfolio Growth

2022 has been a year of layoffs as many crypto companies have opted to downsize to survive the harsh crypto winter. Despite market sentiment, KuCoin plans to grow the team by 20% of his in 2022 and another 20% in 2023, according to the report.

The KuCoin community expanded in parallel in 2022 by growing from 1 million members and 21 languages ​​in 2021 to 1.3 million members spread across 23 language zones.

Concerns about liquidity

After the FTX demise, KuCoin faced community concerns regarding its exposure to FTX. In November 2022, KuCoin’s CEO Johnny Lyu responded to these rumors by disclosing the exchange’s reserves.

Liu said the exchange was transparent to its users from day one, and as of November 11, 2022, the exchange had 20,504 Bitcoins (BTC), 180,299 Ethereum (ETH) and over 1 million Tethers (USDT). , and many other coins. .

A few days later, Ryu gave an exclusive interview crypto slatewhere he reaffirmed KuCoin’s liquidity and said the exchange is partnering with third-party auditors to promote transparency.

Posted In: Bear Market, Exchanges

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