KuCoin's 2023 H1 Review: Sustaining Robust Growth With 29 Million Users
KuCoin, the People's Exchange, proudly announces the first half of 2023 (H1 2023) accomplishments, highlighting exceptional growth and innovation in the face of challenging market conditions. Despite the crypto market fluctuation, KuCoin maintained strong growth and proactively adopted regulatory requirements to enhance the user experience and trust.
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KuCoin's 2023 H1 Review: Empowering Crypto Enthusiasts - A Mid-Year Review of Growth, Expansion, User Engagement With 29 Million Users.(Graphic: Business Wire)
Key Achievements from KuCoin’s H1 2023 review:
- Impressive user base expansion and steady trading volume increase: KuCoin's user base expanded by 26% YoY, reaching 29 million registered users by June 2023, led by the LATAM region. Trading volume across spot and futures markets hit $1 trillion, driven by growth in various regions. The KuCoin Trading Bot saw substantial growth, with 12 million bots created and a trading volume exceeding 5.7 billion USDT in H1 2023.
- Safety and Security: At KuCoin, the safety and security of users' assets are of paramount importance. KuCoin has implemented comprehensive security measures to ensure the protection of sensitive data and user funds. This includes industry-standard encryption algorithms, multi-factor authentication for all user accounts, and the majority of client funds stored in cold wallets for enhanced security. Additionally, KuCoin has launched the largest bug bounty program in collaboration with cybersecurity company Hacken, offering $1 million in bug bounty awards, further reinforcing the platform's commitment to maintaining a secure trading environment. Meanwhile, KuCoin is implementing Mandatory KYC, to enhance security and foster a safer trading environment for all users.
- Trust and Transparency: KuCoin continues to prioritize trust and transparency by publishing its Proof of Reserves (PoR) data. As one of the first major global crypto exchanges to do so, KuCoin regularly updates its PoR information, assuring users that their funds are fully backed. The latest snapshot from June 30, 2023, reveals a BTC reserve ratio of 104%, ETH reserve ratio of 115%, USDT reserve ratio of 105%, and USDC reserve ratio of 114%. This data confirms KuCoin's commitment to maintaining a high collateralization ratio, ensuring the safety and integrity of user assets.
- Global expansion: KuCoin welcomed over 300 new team members globally, fostering deeper engagement with the global crypto community. The exchange's global communities and social media presence grew, with a 20% increase in user engagement and a Twitter following of 2.5 million.
"In the first half of 2023, KuCoin has showcased an exceptional dedication to innovation, trust, and customer satisfaction. We prioritize outstanding customer support, successfully addressing over 300,000 user inquiries by harnessing the power of an AI-driven chatbot between January to June 2023. Trust and transparency form the bedrock of KuCoin's values, as demonstrated by our stringent anti-fraud measures and the regular release of Proof of Reserves data, ensuring our users that their assets are securely safeguarded. Our commitment to ongoing progress is evident through the addition of 89 new assets, the remarkable expansion of the KuCoin Trading Bot, and the upcoming debut of KuCoin Learn, 6th year anniversary with product and brand upgradation, an indispensable resource for crypto enthusiasts. As we forge ahead, KuCoin remains devoted to empowering our users and fostering the growth of a flourishing crypto ecosystem for generations to come." - Johnny Lyu, CEO of KuCoin
For more details here’s our blog for our KuCoin H1 Review highlights of 2023, here.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 29 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2023. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.
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