- KuCoin’s H1 2023 review shows a 26% increase in user base, reaching 29m users.
- Trading volume across spot and futures markets hits $1 trillion; KuCoin Trading Bot sees significant growth, with 12 million bots created.
- KuCoin prioritizes safety and security with a bug bounty program offering $1 million.
KuCoin, the popular crypto exchange, has released its first-half review for 2023, showcasing impressive growth and innovation in the face of challenging market conditions. The exchange noted that despite the volatility in the crypto market, it sustained robust growth, expanding its user base and adopting regulatory requirements to enhance user experience and trust.
One of the key highlights in the review is the expansion of KuCoin’s user base, which grew by 26% year over year, reaching an impressive 29 million registered users by June 2023. According to the official statement, the Latin American (LATAM) region led the growth. Other regions, including the Middle East & Africa, Europe, and Asia, witnessed notable growth compared to the first half of 2022.
In addition to the expanding user base, KuCoin experienced a surge in trading volume across spot and futures markets, surpassing $1 trillion. The report noted that the growth was driven by various regions, demonstrating the global appeal of the exchange.
Furthermore, the KuCoin Trading Bot witnessed substantial growth, with users creating 12 million bots and generating a trading volume exceeding $5.7 billion USDT in the first half of 2023.
Additionally, the exchange said it implemented comprehensive security measures, including industry-standard encryption algorithms and multi-factor authentication for all user accounts. KuCoin claims most client funds are stored in cold wallets, providing enhanced security.
Interestingly, KuCoin has launched the largest bug bounty program in collaboration with cybersecurity company Hacken, offering $1 million in bug bounty awards to reinforce security measures further. Johnny Lyu, the KuCoin CEO, said:
“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.”
Furthermore, the review report noted that the exchange has regularly published its Proof of Reserves (PoR) data since late 2022, assuring users that their funds are fully backed. The latest snapshot from June 30, 2023, reveals high reserve ratios for various cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.
It is worth mentioning that KuCoin’s global expansion efforts have been successful, with over 300 new team members joining the company in the first half of 2023. Also, KuCoin’s global communities and social media presence has seen significant growth, with a 20% increase in user engagement and a Twitter following of 2.5 million, covering 24 global communities across various languages and geographical regions.
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