KuCoin, a leading cryptocurrency exchange, has achieved remarkable growth with a cumulative trading volume exceeding $1 trillion and an average daily volume of $3 billion. Within the past year, KuCoin's spot market share has grown from 1.42% to 6.79%, while its futures market share has increased from 0.48% to 3.09%. The exchange's user base has also surged by 1,100% year-on-year, with notable growth in Asia and Europe.
KuCoin Surges Past $1 Trillion in Trading Volume, Securing Top-Tier Exchange Status
KuCoin, a leading global cryptocurrency exchange, has announced a remarkable milestone in its growth trajectory. The exchange's cumulative trading volume has soared past the $1 trillion mark, encompassing both spot and futures trading. This unprecedented achievement is complemented by an impressive average daily trading volume of $3 billion.
In a testament to its exceptional performance, KuCoin witnessed its 24-hour trading volume reach an unprecedented peak of $13 billion last month. The exchange has also secured a notable increase in its market share. Its spot market share has witnessed a surge from 1.42% at the start of the year to 6.79% currently, while its KuCoin Futures platform has expanded from 0.48% to 3.09% over the same period.
KuCoin's user base has also experienced exponential growth, exceeding 10 million registered users by the end of November 2021. This remarkable feat propelled the exchange into the top five cryptocurrency exchanges worldwide. The company attributes this surge in users, particularly in Asia and Europe, to the convergence of institutional and retail investors in the crypto market.
Johnny Lyu, CEO of KuCoin, expressed his elation over the company's latest achievements, stating, "These results are a clear indication of the significant progress KuCoin has made and a testament to the exceptional service we provide our users." He added, "While we have finalized the metrics for 2021, we are confident that we will surpass these remarkable results throughout 2022."
The surge in trading volume has also had a positive impact on the exchange's native token, KCS. Driven by the rapid expansion of the KuCoin ecosystem, KCS reached a new all-time high of $28.77 on December 1. In addition, it has exhibited an impressive 31x growth this year, solidifying its position as one of the best-performing exchange tokens.
The company emphasizes that KCS burn and adoption have been key catalysts for its value growth. "To expedite the KCS burn process and adapt more efficiently to market expansion, the KCS team modified the buyback and burn period from quarterly to monthly since the beginning of January 2021," the report noted. Consequently, a total of 3,113,482 KCS has been burned this year, amounting to approximately $37 million.
KuCoin's remarkable achievements underscore its commitment to providing a seamless and secure trading experience for its users. As the cryptocurrency market continues to evolve, KuCoin is well-positioned to maintain its leadership position and drive further innovation in the industry.
