Forbes India 15th Anniversary Special

KuCoin Maintains Strong Growth in H1 2023

KuCoin's report for H1 2023 showcases robust performance amid challenging market conditions

Shashank Bhardwaj
Published: Jul 19, 2023 03:15:07 PM IST
Updated: Jul 19, 2023 03:25:14 PM IST

KuCoin Maintains Strong Growth in H1 2023Image: Shutterstock

KuCoin, the Seychelles-based global crypto exchange, has released its comprehensive review for the first half of 2023, presenting key data that seem to indicate significant growth and achievements amid an otherwise challenging crypto market landscape. 

KuCoin claims its user base demonstrated a substantial 26% year-on-year expansion, culminating in 29 million registered users by June 2023. The LATAM region is reported to have contributed significantly to this growth, with a notable 69% increase in user base during the past year.

Trading volume exhibited resilience, reaching over $1 trillion across spot and futures markets. Notably, the KuCoin Trading Bot's popularity soared, with its users generating an estimated trading volume of 5.7 billion USDT by creating more than 12 million bots during H1 2023.

Speaking of H1 2023, it was in general a tumultuous time for the global crypto markets, with exchanges like Hotbit announcing the cease of all CEX operations. Among the ones who managed to maintain and capture their fair share of the market is Binance, having accounted for about 59.99% of the total spot trading volume in H1 2023. Compared to the first half of 2022, this performance suggests better stability. 

The report further claims that KuCoin secured most client funds in cold wallets for security measures, enhancing the platform's security aspect. As part of its security enhancement endeavours, KuCoin also introduced a robust bug bounty program in partnership with cybersecurity firm Hacken, offering a substantial $1 million in bug bounty awards.

KuCoin was among the first major global exchanges to adopt this practice. According to the exchange, as of June 2023, the PoR data indicated a BTC reserve ratio of 104%, ETH at 115%, USDT at 105%, and USDC at 114%.

KuCoin has plans to launch KuCoin Learn in the coming times. It is expected to be a comprehensive resource catering to enthusiasts in the relevant sector. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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