KuCoin H1 2023 Review: Sustained Growth with 29 Million Users

KuCoin, the exchange for everyone, is proud to announce the achievements made during the first half of 2023 (H1 2023), highlighting the exceptional growth and innovation amid challenging market conditions. Despite fluctuations in the cryptocurrency market, KuCoin has maintained strong growth and proactively adopted regulatory requirements to improve user experience and confidence.

The main achievements presented in the KuCoin H1 2023 balance sheet:

  • An impressive expansion of the user base and a steady increase in trading volume: KuCoin’s user base has grown by 26% every year, reaching 29 million registered users by June 2023, led by the Latin America and Caribbean (LATAM) region. Trading volume in the spot and futures markets reached $1 trillion, driven by growth in various regions. KuCoin’s trading bot has seen exceptional growth, with 12 million bots created and trading volume exceeding 5.7 billion USDT in the first half of 2023.
  • Safety and security: At KuCoin, the safety and security of user assets is of paramount importance. KuCoin has state-of-the-art security measures in place to ensure the protection of sensitive user data and funds. This includes industry-standard encryption algorithms, multi-factor authentication for all user accounts, and the majority of client funds stored in offline wallets for added security. Additionally, KuCoin launched the largest bug bounty program in conjunction with cybersecurity firm Hacken, offering $1 million in bug bounties, further reinforcing the platform’s commitment to maintaining a secure trading environment. At the same time, KuCoin is implementing a mandatory KYC verification system, to enhance security and foster a more secure trading environment for all users.
  • Transparency and trust: KuCoin continues to prioritize trust and transparency by publishing its Proof of Reserves (PoR) data. As one of the leading cryptocurrency exchanges globally, KuCoin regularly updates its PoR information, ensuring users that their funds are fully collateralized. The latest snapshot of June 30, 2023 reveals a BTC reserve rate of 104%, an ETH reserve rate of 115%, a USDT reserve rate of 105% and a USDC reserve rate of 114% . This data confirms KuCoin’s commitment to maintaining a high collateralization ratio, ensuring the safety and integrity of user assets.
  • Global expansion: KuCoin welcomed over 300 new team members worldwide, fostering deeper engagement with the crypto community across the globe. Communities around the world and the platform’s social media presence have grown, with a 20% increase in user engagement and 2.5 million people following the platform on Twitter.

“During the first half of 2023, KuCoin demonstrated an exceptional dedication to innovation, trust and customer satisfaction. We prioritize exceptional customer support, successfully responding to over 300,000 user inquiries using the power of an AI-driven chatbot between January and June 2023. Trust and transparency are the foundation of KuCoin’s values, as demonstrated by our rigorous anti-fraud measures and the regular publication of proof of reserves data, assuring our users that their assets are stored securely. The addition of 89 new assets, the remarkable expansion of KuCoin’s trading bot, and the upcoming launch of KuCoin Learn on 6e anniversary with a product and brand update, an indispensable resource for cryptocurrency enthusiasts, demonstrates our commitment to constant progress. As we move forward, KuCoin is dedicated to empowering our users and growing a thriving crypto ecosystem for generations to come. » – Johnny Lyu, CEO of KuCoin

To learn more, here is the blog of our analysis of KuCoin’s first half balance sheet in 2023, here.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with operational headquarters in the Seychelles. As a user-oriented platform focused on inclusion and community outreach, it offers over 700 digital assets and currently offers trading services to its 29 million users in 207 countries and regions. cash, margin trading, P2P fiat currency trading, futures trading, staking and lending.

In 2022, KuCoin raised over $150 million in investments in a pre-series B round, bringing total investments to $170 million with round A, for a total valuation of $10 billion. According to CoinMarketCap, KuCoin is currently one of the top five cryptocurrency exchanges. Forbes also named KuCoin one of the best cryptocurrency exchanges in 2023. In 2022, The Ascent named KuCoin the best cryptocurrency app for industry enthusiasts.

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