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.