Leading cryptocurrency exchange KuCoin released its semiannual report. Despite the bear market, the platform noted a volume of over $2 trillion and nearly 10 million new users. Global interest in crypto assets has not diminished, as lower prices make everything more affordable.
Significant Growth For KuCoin
When crypto markets sour, exchanges will either struggle or note solid growth. KuCoin falls into the second category, as the trading platform strengthened its position across multiple regions. Per the H1 2022 report, the exchange serves over 18 million registered users — an increase of 9.75 million — and a cumulative trading volume for Spot and Futures surpassing $2 trillion confirms the exchange’s appeal. Moreover, KuCoin increased its employee count to over 1,000, as more people want exposure to cryptocurrencies than ever before.
Noting a 180% growth in Spot and Futures volume over H1 2021 is significant. Despite a considerable correction felt on the crypto market, many people are still looking to make money, either by dollar-cost averaging, shorting, or otherwise. KuCoin noted peak trading volumes for Spot at $11 billion, with Futures hitting $23 billion. Most of the volumes comes from Europe, ahead of Latin America, and Africa & the Middle East. All jurisdictions noted a significant increase in trading volumes ranging between 152% and 381%.
Growing the user base is crucial for any exchange and trading platform. KuCoin welcomed roughly 9,75 million new users in the first six months of 2022, a 219% yearly increase. Enthusiasts from Asia, Europe, Africa & the Middle East make their way to KuCoin, as the exchange continues to introduce broader support for local payment methods to speed up deposits and withdrawals.
Investments, Expansion, And Innovation
KuCoin continues to push boundaries by exploring new initiatives. The exchange added 137 additional crypto assets and expanded its KuCoin Margin trading options to over 200 tokens. Moreover, KuCoin Labs invested $20 million in 19 crypto-native projects to enhance the future outlook of the decentralized market development.
KuCoin launched the Windvane NFT marketplace and its $100 million Creators Fund to bolster Web3 building. On the incoming side, the company raised $150 million in pre-Series B funding — with the help of Jump Crypto, Circle Ventures, Matrix Partners, and IDG Capital — to bring its valuation to $10 billion. That funding is put to good use by further hiring employees for critical positions and committing financial means to the future of blockchain and Web3 development.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/07/08/kucoin-sees-user-base-and-cumulate-trading-volume-nearly-double-during-h1-2022/