KuCoin Breaks 10 Million Users, What’s the Next Milestone? — AMA With KuCoin CEO Johnny Lyu

2021/12/14 03:07:14

Dear KuCoin Users,

Time: December 10, 2021, 11:00-12:27 (UTC)

KuCoin has reached yet another milestone, breaking 10 million users. KuCoin CEO Johnny Lyu shared all the latest progress and future updates of KuCoin in an AMA (Ask-Me-Anything) session held in the KuCoin Exchange Group.


Johnny Lyu — KuCoin CEO

Before joining KuCoin, Johnny accumulated abundant experience in the e-commerce, auto, and luxury industries. At KuCoin, Johnny used to lead the listing, business development and strategic investment team while also being the main contributor behind Spotlight and Pool-X. In March 2020, Johnny took over the position of KuCoin Global CEO and is now in charge of the day-to-day operations of KuCoin, KuCoin Futures, Pool-X, as well as the expansion and prosperity of the KCS ecosystem.

Q&A from KuCoin

Q: Welcome Johnny! Why not say hello to everyone first, and then we'll start with the AMA.

Johnny: Hey guys, so nice to meet you all again today and thanks for having me here. I'm Johnny, CEO of KuCoin. I want to take this great chance to share our joy and achievements in 2021 with all KuCoin supporters!

Q: During the overall fast-paced development of the crypto industry in 2021, KuCoin exceeded 10 million global users. Can you briefly talk about what major achievements KuCoin has made over the past year?

Johnny: I actually have a lot to share. KuCoin has been evolving quickly with the emerging industry throughout the past 4 years. We are always committed to bringing crypto to the masses and facilitating the global free flow of digital value.

2021 is a remarkable year for all of us. With everyone’s support, we have made huge progress in many aspects. Apart from the exciting moment of surpassing 10 million users, the cumulative transaction volume on our platform has exceeded $700 billion, and the highest daily transaction volume has outstripped $10 billion.

We are ranking top 5 on most websites like CoinGecko, and we have been named one of the Best Crypto Exchanges for 2021 by Forbes Advisor. I've got a picture to share.

We will continue to expand our global reach and bring more easy-to-use products, as we always remember that KuCoin was built for all classes of investors.

Q: Numerous new users entered the crypto space during the bull market cycle this year. Can you explain what KuCoin did to improve the trading experience for new entrants?

Johnny: KuCoin matures with the market to provide a better user experience by continuously upgrading the overall security levels and the diversity of products.

Our target is to provide every user with easy access to crypto trading. We already have discovered the increasing demands from users outside the crypto space this year who had a strong sense of FOMO during the bull market but had almost no clue how to start.

That is one of our key purposes in launching the new social trading feature on the KuCoin App. It aims to enable all levels of crypto traders, especially newbies, to enjoy a simpler trading UX within an interactive social trading environment. Users have been able to read daily crypto updates and market analysis, learn various trading tactics, and post their comments to interact with other traders across the platform, as you can see in these screenshots below.

In addition, KuCoin has spotted the demand for a simpler deposit process from fiat to crypto, especially to satisfy our new user demands, so we launched the KuCoin Fiat Account function. It enables an easy and secure start for all investors by directly allowing fiat-to-crypto transfers via Visa or Mastercard. So far, 20+ fiat currencies have become available for 50+countries and regions, including USD, EUR, INR, SGD, THB, etc.

Q: KuCoin provides diversified products for all levels of users. What KuCoin products would you recommend for new KuCoin users?

Johnny: As the ‘People’s Exchange’ and Top Altcoin Exchange, KuCoin provides different products and trading options for all levels of crypto investors. Sometimes, we also make the trading tools entertaining and interactive, like games.

New investors need easy-to-use and secure trading tools to help them earn a relatively stable passive income. In this case, KuCoin Lending and KuCoin Trading Bot will be the ideal choice. To sum up briefly, KuCoin Crypto Lending is a peer-to-peer lending market where users can lend assets to earn passive income. For instance, the APR for USDT ranges from 10%-30% most of the time.

Besides, KuCoin Trading Bot is another free-to-use trading tool that helps investors easily manage their assets. These bots automatically execute trading strategies based on pre-set parameters. So far, KuCoin supports 4 trading bot strategies: Spot Grid, DCA, Futures Grid, and Smart Rebalance, and we will introduce more strategies in the future. If you have never created one before, you can first start by copying others’ settings to try out first. Over 4 million KuCoin bots have been created. We have also attached the profit ranking list below. As you can see, the top user has achieved 9,874.34% profit in return.

Besides, we also launched KuCoin Win, an innovative platform for new users to invest in the primary market. KuCoin Win allows users to get involved with crypto investment in an entertaining way. The first game of KuCoin Win - LuckyRaffling – opened an easy access for everyone to participate in early-stage investment in promising crypto projects. New users can participate in a crypto investment like playing games without having to look at complicated K-charts or project reports. Please check KuCoin’s website or app for the past performance of these projects that I mentioned if you're interested.

Q: As one of the most trending categories in the blockchain world today, what is KuCoin’s strategy to accelerate the development of Metaverse?

Johnny: KuCoin is a Metaverse-friendly exchange. We have taken several key steps to promote the Metaverse development this year. To sum up briefly, we have made strategic investments and cooperations, listed hot Metaverse projects, and launched our new Metaverse office, etc.

First of all, KuCoin’s investment and research arm KuCoin Labs recently launched a $100M Metaverse Fund to provide full-scale support and incentives to the real-potential NFT projects. The Fund also targets youth education to grow their interest and knowledge about the most trending topics in the crypto space.

KuCoin’s most recent Spotlight, the 16th listed project Victoria VR, is a typical example of the promising Metaverse project. VR integrates Metaverse features with NFT, Play-2-Earn, and GameFi. It best suits the fast-growing and popular creator economy, allowing both creators and players to generate content and own its value in the virtual space.

And the other news I'd like to share is that we built a virtual office based in Bloktopia. It is a Skyscraper made up of 21 levels to pay recognition to 21 million Bitcoin. We also launched Bloktopia (BLOK) recently. Bloktopians allow earning through real estate ownership, advertising revenue, playing games, building networks and much more, etc.

It looks quite amazing. Investors can quickly access all the Metaverse projects and tokens listed on KuCoin via the Metaverse Trading Board, which gathers all Metaverse-related projects listed on KuCoin.

Q: KCS has become a spotlight amongst the popular exchange tokens as it broke several ATHs since the beginning of this year. Can you share with us what you have done and your next step for KCS?

Johnny: Of course. I’m happy to share with you some facts and statistics on the fast growth of KCS this year.

KCS is the native token of KuCoin, and it was launched back in 2017 as a utility token for KuCoin users to share the growth benefit of KuCoin. It is also one of the best ways for its holders to earn passive income. If you hold more than 6 KCS, you can get a daily bonus from 50% of KuCoin’s daily trading fee revenue.

Therefore, as the native token of KuCoin, the value of KCS is strongly correlated with KuCoin's ecosystem. Due to the rapid development of KuCoin throughout this year, by November, KCS became the top runner among the CEX tokens, with a 2637% up in price since the beginning of this year.

The total supply of KCS is capped at 200 million, and there is a planned buyback and burn scheme until 100 million KCS remains. It aims to maintain its value with a deflationary tokenomics. In 2021, KuCoin has burnt over $20 million KCS, about 3x more than the accumulated burnt value of 2019 and 2020. In addition, KCS holders can access almost all activities launched across the whole KuCoin platform, including KuCoin Spotlight, BurningDrop, KuCoin Win, etc.

KCS also works as the fuel to empower KCC’s on-chain transactions, liquidity mining, etc. Currently, the TVL of KCC is reaching 40 million with more emerging DApps.

Many people have asked me and the team about the KCS whitepaper and the 90 million KCS in lockup. The new whitepaper is getting ready, in which the future plan for the 90 million KCS has been specified. We are very excited to see how these tokens could contribute to the prosperity of the KCS ecosystem in the future, so stay tuned.

Q: Can you share with us the future plans of KuCoin?

Johnny: As we mentioned before, after making all these achievements, KuCoin is thinking beyond just trading, as users are our top priority.

We believe that a qualified crypto exchange is sensitive about the changing market and should have the capacity to quickly adapt itself to the user demands. In the past, we have made some achievements with the support of all KuCoin users, and we are grateful for it. Today, KuCoin has evolved to a Top 5 crypto trading platform, the largest Social Trading platform, and Top 1 altcoin exchange.

In 2022, we will launch more crypto services that are specially tailored to beginners. For instance, more earnings services for new crypto users to earn a stable passive income, say 10% APY on USDT, with a few simple clicks to start with.

Also, KuCoin will explore more crypto gems in the trending fields of Metaverse, NFT and Web 3.0, and we will continue to cherry-pick the best tokens to list on our platform. We have noticed the steady growth of KCC lately and some interesting projects built on KCC. Next year, this might be another fun place to hunt for crypto gems.

With all that said, to make KuCoin a better place to trade crypto, we need talents! We are hiring globally and actively and welcome everyone to interact with us in our communities and social media platforms. I'd like to invite all talents to join us in KuCoin and we will work together to create a better crypto future.

Q: As everyone celebrates the 10 million KuCoin users, our global community keeps expanding. Currently, we have 19 communities and 400,000+ members around the world. Is there anything that you want to say to us?

Johnny: Thank you is not really enough to express how grateful our KuCoin team feels for all your support to us. To sincerely express our gratitude, we have recently launched various rewarding activities across the whole platform for each KuCoin user, such as the Thanksgiving activities and the 10M user reward campaign. More surprising events will be launched in the future in various forms, just stay tuned.

At the same time, KuCoin has relaunched the referral program after months of upgrade. The brand-new referral program is more entertaining and interactive, aligned with our vision of promoting crypto to the masses via the new gamification rules. After inviting friends to sign up on KuCoin, you can unlock mysterious prizes, and the friends invited can also enjoy the VIP trial for one month.

This is our lovely celebrating banner. Again, I want to say thank you for all your support, and I always believe the power and wisdom of the crowd will drive us towards a brighter future.

Free-Ask from KuCoin Community

Q: How will you introduce KuCoin to a non-crypto user?

Johnny: This is a great question to start with. As the “People’s Exchange,” KuCoin is built for all investors. For instance, we offer trading bot and crypto lending services to beginners, while more experienced traders can access margin and futures to amplify their returns.

KuCoin is also the biggest altcoin exchange. We have listed over 600 projects with 1,000+ trading pairs in order to bring a wide selection for investors. A number of promising projects like BLOK, KDA, ZKT, and MOVR had their primary listing on KuCoin.

Q: Is there a trading learning place for beginners like myself who are new to the world of crypto?

Johnny: We recently launched KuCoin S to improve user experience by offering an interactive trading environment for all newcomers. It allows beginners to trade easily while learning the basics from the daily news feeds and from more experienced traders. In the updated KuCoin App, you can see daily news updates, market analysis, trading tactics, and share your trading experience with others.

Q: What measures are put in place to protect your users from getting rug pulled for new token listings?

Johnny: KuCoin ensures the high quality of listed tokens through a strict selection process, which basically involves 3 independent teams and 4 levels of reviews. We will evaluate and select the best ones out of nearly 100 perspectives under 6 categories. On our watching list, less than 10% of the candidates will pass the selection.

Q: Currently, Metaverse is trending in the crypto world. Did you come up with something new or a new feature to keep up with this trend?

Johnny: We adopt a Metaverse-friendly business model. We launched the first Metaverse Trading Board in the crypto industry that offers users easy access to metaverse investment services. In addition, KuCoin Labs launched a $100M Metaverse Fund to provide full-scale support and incentives to the real-potential NFT and metaverse projects. We also listed numerous metaverse-related projects such as VR, MNET, BLOK, etc. You can check the details in the trading board sector.

Q: When is KuCoin’s next Spotlight?

Johnny: Our next Spotlight is approaching. You can check the official announcements on the KuCoin website for more Spotlight updates, where we also release the latest token listings and other exciting activities for you to join in and share rewards.

Q: Is your platform suitable for crypto beginners? Or is it only limited to professional users?

Johnny: KuCoin is built for all classes of investors. For beginners, more secure trading tools to help them earn passive income. KuCoin Lending and Trading Bot could be the ideal choices for newcomers. We also provide margin trading and futures trading for advanced trading to help them amplify their profits.

Q: How do you plan to spread awareness about your project in different countries where English is not good? Do you have local communities like Vietnam, Indonesia, Thailand, and Korea so they can better understand your project?

Johnny: We currently have 19 communities and 400,000 global members all around the world. Therefore we customize our products and services to cater to the needs of local demands in different countries and regions around the world, including offering multilingual services, holding localized cultural activities and campaigns, etc. You can check our website for links to the global communities.

Q: Since NFT is popular nowadays, is there a plan for NFT integration?

Johnny: Speaking of NFT, our game platform KuCoin Win introduced a brand-new product called Guardian Star, which combines blind box games with NFT. Guardian Star allows the NFT projects to sell NFTs in an innovative and interesting way. In the next step, we will build a new product to bring a new mode of NFT circulation in the crypto market.

Q: Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about your platform? Do you have plans to get users to choose your platform?

Johnny: I'd say it's our social trading features that are designed especially for entry-level investors. As I mentioned before, trading is not everything. Optimizing the user experience during the whole trading process is our top priority. We aim to bring crypto to the masses by offering a lower entry threshold for everyone. So those who are new to the crypto space do not have to worry about how to start trading. Therefore, KuCoin will continue to launch more beginner-friendly products and services in the future.

Q: What new trading bots are there going to be, and what are their benefits?

Johnny: Within the next few days, we will introduce a new trading bot strategy named Infinity Grid. The new trading bot is a derivative strategy of the spot grid, designed to avoid "missing out" from crypto pumping.

For instance, when you run the Infinity Grid Bot, as the market pumps, it can ensure that the bot will never run out of range. Instead, it will continue to perform "buy low and sell high" operations to help you execute arbitrage, and at the same time holding a number of cryptos that equal the value of your initial investment.

Q: Is there anything else you would like to share or you want us to know?

Johnny: I think that's it for today, and if you have any further inquiries, feel free to contact us on social media platforms. Looking forward to seeing you all again! Thank you for joining us!

Giveaway Section

KuCoin has prepared a total of 1,000 USDT to give away to AMA participants.

1. Red envelope giveaways: 900 USDT

2. Free-ask section: 100 USDT

. . .

If you haven’t got a KuCoin account yet, you can sign up here!

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