The history of the KuCoin cryptocurrency exchange

From lines of code on a laptop to an international cryptocurrency exchange » The story behind KuCoin!

In 2013, two tech enthusiasts decided to try to create a cryptocurrency exchange that provided a better trading experience for the crypto community. Here is what happened.

Behind the creation of KuCoin are two tech geeks who were early adopters of blockchain. Having started coding at the age of 8 and founded his first startup at 16, in 2012 Michael learned about Bitcoin (BTC) from his boss Eric at a private equity investment firm IDG Capital, and immediately began mining. While trying to sell Bitcoin on the exchange Mt. Goxwhich at the time was the largest trading platform in the world, he discovered how difficult it was for beginners to navigate.

At the end of 2013, realizing the potential of cryptocurrencies, Michael and Eric wrote the first code in a cafe.

In 2017, they decided to focus on their business full time and created “the people’s exchange”, KuCoin.

Get up to 500 USDT bonus for new users at KuCoin! » Registration

Cointelegraph spoke to Johnny Lyu, the CEO of KuCoin, about the challenges and successes of running one of the largest crypto exchanges in the world.

How has KuCoin changed over time?

Following the rapid growth of cryptocurrency exchange KuCoin, we received $20 million in funding from IDG Capital and Matrix Partners in 2018. In 2019, we launched innovative products such as KuCoin 2.0, Spotlight, KuCoin Futures, Earn (formerly known as Pool-X) and Margin Trading. These have propelled KuCoin from a cryptocurrency exchange that only offers spot trading services to a platform that offers a diverse range of crypto financial services.

We are constantly innovating our products. As a result, we now offer over 640 tradable assets, have become a true Top 1 Altcoin Exchange, and rank in the top five on CoinMarketCap. Forbes Advisor named KuCoin the best cryptocurrency trading platform in the world in 2021.

In 2022, The Ascent, a Motley Fool service, named KuCoin the best cryptocurrency apps for enthusiasts.

What is the most difficult hurdle the exchange has had to overcome and how did it do it?

I think the biggest challenge for an exchange, or a crypto company, is balancing and allocating the company’s limited resources – whether it’s investing more in R&D to develop more products or invest more in marketing and sales to gain a larger market share.

At one point, KuCoin faced this dilemma. After the cryptocurrency industry entered a bear market in 2018 and the sector slowed down, we were faced with two choices: increase investment in market expansion or prepare for the long term by improving its infrastructure and by strengthening the team.

KuCoin ultimately chose the latter. Since then, we have launched a whole new range of innovative products.

What is KuCoin’s biggest achievement so far?

KuCoin has strived to facilitate the global free flow of digital value and engage everyone in crypto since its inception.

MORE KUCOIN INFORMATION » HERE

Over the past four years of development, we have grown from a founding team of seven people to nearly 600 employees worldwide and more than 10 million registered users, serving users in more than 200 countries and regions around the world. world.

Behind these numbers is the trust and support of every KuCoin user, and I believe this is KuCoin’s most valuable asset and our most remarkable achievement.

What kind of updates and products should KuCoin users expect in 2022?

This year, as the #1 altcoin exchange, we will be mining more crypto gems, exploring and experimenting more with social trading and social trading features.

KuCoin’s decentralized ecosystem has grown over time, and we’ve seen results in a number of areas, including public chains, wallets, non-fungible tokens (NFTs), and GameFi. Next, we will further expand the decentralized ecosystem of KuCoin.

On the one hand, we plan to offer users more decentralized products, such as our decentralized trading solutions. As a member of the KCC public chain of the KuCoin Community Chain (KCC), we will also promote its further development. On the other hand, we will also expand the reach of KuCoin in the decentralized field, especially in the metaverse, the Web 3.0 and other key areas in the future. In addition, we will strive to build a larger and more diverse ecosystem through incubation, investments and acquisitions.

It looks like the cryptocurrency industry is in a bear market with opinions expressed about a potential “cryptocurrency winter”. How do you think this will influence the development and adoption of the cryptocurrency industry, given the interest we’ve seen over the past two years?

First, I think the cryptocurrency market is in a correction rather than a bear market. Second, I look at the market downturn from a development perspective. Short-term downs are necessary to build things up and contribute to long-term growth.

A brief downturn is actually conducive to the long-term growth of an industry. Over the past two years, the space has experienced rapid development. The entry of many traditional funds has caused a lot of disruption within the industry. Once the market calms down, only projects with real value and potential that focus on technology innovation and application survive.

What can traders and investors do to minimize losses when markets are unstable?

I don’t usually give trading advice because I’m more of a hodler than a trader. In general, at all times, investors should place their money within the range of what they can afford to lose.

This is particularly important as we enter a period of correction where market uncertainty increases. Investors should increase the fault tolerance of their investments by reducing their leverage to ensure that even if they misjudge the direction of the market, they have enough time and capital to correct that error.

Learn more about KuCoin » Official site

By Chris Jones, Cointelegraph

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell foreign exchange contracts or CFDs. Although the information contained herein has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages which may result from the fact that anyone relies on such information.

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The history of the KuCoin cryptocurrency exchange


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