KuCoin Recorded A 1,144% User Growth in Q2
- Over 2 million new users joined KuCoin in Q2 2021.
- Most of the growth came from mobile installs in developing parts of Latin America, Africa, and Asia.
Shutterstock
In a press release published on 30 August, KuCoin announced that its total number of new users in Q2 2021 exceeded 2 million. This represents a quarter-over-quarter growth of 1,144% when compared to Q1, and a year-on-year increase of over 709%.
Most of this growth was driven by an influx of new mobile users. The exchange said the number of installs of its mobile application increased by 755% compared to last year, with 1.07 million installs made in Q2 2021. As of now, over half of the exchange’s active customers use only its mobile platform, which is the first time mobile trading surpassed the metrics of KuCoin’s desktop platform.
The exchange believes this change in dynamic is a result of a growing demand for payment services among merchants, as well as the spreading use of mobile and contactless payments. The fastest adoption rates were recorded in places with high inflation and easy access to mobile phones — developing countries of Latin America, Africa, and Asia saw QoQ user growth of 171%, 130%, and 67%, respectively.
All of the user growth has also contributed to a significant increase in trading volume on KuCoin. According to the press release, to date, the exchange has executed 810 million transactions with the accumulated transaction volume attaining a value of $400 billion. Over the past 12 months, the average daily trading volume has increased by almost 800% and currently stands at $4.3 billion.
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
Shutterstock
- The Twitter account of the crypto exchange was compromised for roughly 45 minutes on Monday, resulting in 22 transactions connected to the hack.
- KuCoin has calculated that the total asset losses were 22,638 USDT, and noted that it will fully reimburse users affected in the incident.
- CEO Changpeng Zhao pledged on Tuesday to implement a Proof-of-Reserve mechanism at Binance to provide full transparency, and called on all industry players to follow suit.
- KuCoin, Poloniex, Huobi, and OKX were among the first crypto exchanges that promised to publish proof of their reserve holdings within a month.