KuCoin has published its report for the first half of 2023. This includes numbers for the first and second quarters of the current year. Per the report, KuCoin has done a better job of retaining sustainability. One of the major factors to support this conclusion is the trading volume of $1 trillion for futures and spot trading. Also, the platform saw a 26% year-on-year increase in user base growth despite the crypto market playing an uncertain game with volatility.
The expansion in the user base is credited to its attempt to expand operations in Latin America. The region has contributed 69% to the growth. It is followed by the EMEA and Asian regions, with a rise of 34% and 28%, respectively. The comparison is against the same period for the previous year, that is, 2022.
Trading Bots have taken a jump as well. Per the report titled KuCoin in H1 2023: Sustaining Robust Growth, almost 12 million trading bots were created, focusing on streamlining the trading process. The operators generated $5.7 billion in trading volume. Spt Grid AI Plus facilitated the trading process by enabling a seamless experience.
Now over 700 spot trading pairs and 100 future trading pairs are available.
There is also a rise in the number of cryptocurrencies listed on KuCoin. Adding eighty new digital tokens has taken the portfolio to sport 794 cryptocurrencies, giving traders a broader scope of diversifying their exploration and investment. Three hundred more members are on the board now. The aim is to better meet the needs of the crypto community that is vastly spread across the globe.
SUI token was the most anticipated token at the time of launch. The price of the same stands at $0.687 at the time of writing.
Johnny Lyu, the Chief Executive Officer of KuCoin, talked about accomplishing the milestones in H1-2023. Johnny said that they reflect positively on trust, innovation, and customer satisfaction, adding that they were able to address 300k unique queries raised by the community. These were harnessed by utilizing the potential of AI-driven chatbots. Meaning the manual intervention was minimal. One can find more information about trading bots by reviewing the list.
KuCoin has also shared a proof-of-reserves transparency report, informing that the reserve ratio for tokens is as follows:
- BTC at 104%
- ETH at 115%
- USDT at 105%
- USDC at 114%
Questions are only obvious over the security features of KuCoin. However, the features are strengthened by the platform’s attempts to understand and review bugs present in the system. Therefore, it has announced a bug bounty program worth $1 million in rewards. This shows that KuCoin is committed to security, which begs the question: is KuCoin safe?
Moving forward, KuCoin is looking to promote its new initiative, KuCoin Learn. It is a hub for users looking to access an informative section about crypto trading and investments in digital assets.