KuCoin
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KuCoin in numbers
KuCoin (KCS) ranks #61 by market capitalization, at $1.06B. It belongs to the CeFi sector (Centralized Exchange). It has traded since Dec 4, 2017, across 46 markets on 7 exchanges, with $3.74M of volume in the last 24 hours. Its all-time high of $29.13 was reached on Dec 1, 2021; the current price is 75.6% below that peak. Its cycle low of $3.64 came on Sep 1, 2023.
139.66M KCS are in circulation. 6 investors are recorded as backers, including NGC Ventures, Circle Ventures, Jump Crypto. 2 team members are listed.
About KuCoin
KuCoin is a cryptocurrency exchange platform that allows users to buy, sell, and trade a wide range of cryptocurrencies. It offers spot trading, margin trading, futures trading, and a variety of investment options such as staking and lending. With a global presence and a user-friendly interface, KuCoin serves millions of customers in over 200 countries. It prioritizes security and transparency, employing advanced encryption and storage systems to safeguard user assets.
Background
KuCoin is a cryptoasset exchange that describes itself as a hybrid exchange integrating features of both centralized and decentralized exchanges. The long-term goal of the team is to transition to a fully decentralized exchange model.
Currently, the exchange operates through more of a centralized model, attempting to duplicate best practices in traditional asset exchanges including dedicated risk and compliance teams. These teams are responsible for internal controls and cross-departmental reviews aimed at reducing fraudulent activity on the platform.
KuCoin Shares (KCS) is a token used to reward users and attract new customers to the exchange. Users holding a specified amount of KCS in their account are eligible for discounts on trading fees. Furthermore, holders of KCS receive a daily dividend, called a KuCoin bonus, equal to 50% of trading fees on the exchange. Those that have referred new users to the platform are eligible to receive 40% of fees while the exchange retains the remaining 10%. Dividends are paid in whichever token was the most traded during the day.
To encourage referrals, each user receives a registration link they can share. Referral bonuses are paid for both direct and indirect activity. Users receive bonuses for both the activity of their direct referrals as well as the activity from any new users their referrals add to the platform. Users holding enough KCS in their exchange account receive a discount on trading fees. KCS held off-exchange is not eligible for this rebate program. Additional benefits such as a personal investment consultation and expedited customer service are offered to users on a tiered basis as they increase their KCS holdings.
While trading rebates and referrals are the current use case for KCS KuCoin plans to use the token for transaction fees once they launch a fully decentralized platform. Current trading fees on the exchange are 0.1% at the time of this report.