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Cryptocurrency Exchange

KuCoin Celebrates its Second Birthday, a Few Days Post the Launch of Pool-X!

Recently, KuCoin has celebrated its second anniversary, a few days after it announced the launch of platform Pool-X. KuCoin is a cryptocurrency exchange that claims to provide a modern and secure platform for trading between cryptocurrencies. The founders of KuCoin had already built their reputation on the basis of their work with the big shots of the industry like GF Securities, Ant Financial, Youling, Jianbang Communication and iBOX PAY. KuCoin aims at providing a state of the art platform and a safe method to its users for conversion of their currencies on the platform. It is relatively a newcomer in the world of cryptocurrency exchange, and the first version was launched two years back in 2017. On its second anniversary, it thanked its customers for their continued support and loyalty for two years and announced a few offers to buy Bitcoin (BTC) at a huge discount. In this regard, KuCoin has also announced that it will continue to work with TRON, Tokoin, Terra, Amino, VSYS, KuMEX as well as Pool-X in order to launch these promotional campaigns.

To buy Bitcoin at the discounted price, an exclusive flash page sale would be launched where interested users will be able to buy Bitcoin at that price by using KuCoin Shares (KCS). However, the customers who intend to buy BTC need to use an account that is KYC verified and has at least 50 KCS stored in it. In order to verify this, a random snapshot will be taken before 10 p.m. on September 16, 2019. The BTC quantity will be obtained from a total amount equal to 1,500,000 USDT, and thus supply will be determined accordingly. The flash sale price of one BTC has been fixed at the actual BTC price multiplied by the rate of discount that will be announced tomorrow that is on September 13. The actual price of the BTC will, however, be made public at 2 pm on September 16, two days after the flash sale.

KCS is the only eligible token for purchasing the Bitcoins and availing this discount, and the KCS will be deducted from the user’s trading account between 10 p.m. and 11.59 p.m. (UTC+8) on September 16. Customers have been asked to have possessed a sufficient amount of KCS in their trading account or else it would result in forfeiture of their purchase.

A few days back, KuCoin had also announced the launch of an independent subsidiary, Pool-X, which is the “next generation PoS mining pool” as it aims to serve as a catalyst for the development of the Proof of Stake (PoS) ecosystem in future. POS implies that a user can “mine or validate block transactions according to how many coins he or she holds,” which in turn means the more number of Bitcoin or altcoin owned by the user, the more mining power one has. Liquidity trading market, node integration, operational solutions are some of the services that would be provided by Pool-X. Proof of Liquidity (POL) helps in recording the flow of liquidity certificates for Pool-X and works as the payment method for liquidity bids and thus was created to deal with and compensate for the insufficient liquidity of staked crypto assets. KuCoin has also pointed out that the full version of the Pool-X platform will be launched in the future and that this is only the trial version.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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