KuCoin Experiences Stellar Expansion in First Quarter of 2024, with Spot Trading Volume Soaring by 121.85%, Driven by a 263.91% Boom in the MENA Region
7 min read
As the first quarter of 2024 progresses, KuCoin pauses to contemplate a period marked by tenaciousness, ingenuity, and expansion within the cryptocurrency realm. The preceding three months have established an energetic tempo, and we are enthusiastic to divulge our accomplishments and progress throughout this exciting time.
Notwithstanding a mix of trials and triumphs, KuCoin has held a steadfast course in the face of market volatility. Early observations noted a blend of bullish market sentiments interspersed with regulatory transformations, but our commitment to pioneering change has remained illuminated. The crypto sector persistently evolved, uncovering new avenues for expansion and adaptability.
Identified as the ‘People’s Exchange,’ KuCoin has persistently endeavored to foster a flourishing global crypto ecosystem. We are thrilled to articulate the noteworthy landmarks that have contributed to our narrative during the initial quarter of 2024.
Notable Statistics
- Remarkable Enhancement in Spot Trading, with an upsurge of 121.85% over the 2023 Q4 volume;
- The MENA region emerged as the frontrunner with a tremendous 263.91% escalation in spot trading;
- The pre-market trading volume ascended to 23.12 million, charting a considerable 68% climb since Q4 2023, while unique users escalated to over 13,500, marking a 47% increase.
Registered Users and Trading Volume
KuCoin, a top-tier global cryptocurrency exchange, has observed a 4.32% augmentation in its user base since the last quarter, amounting to nearly 32 million enlisted patrons by March 2024. Our burgeoning community underscores our commitment to exemplary service and an assorted array of cryptocurrency services, addressing the needs of investors from novices to experts.
The initial quarter of 2024 saw substantial growth in users, particularly within the Latin American territory, registering a 16.26% increment. Furthermore, substantial amplifications in the user base were recorded in the Middle East and Africa (11.29%) and Europe (6.98%) relative to 2023 Q4.
A remarkable increase in spot trading volume has become evident in Q1 2024, indicating a 121.86% uptick compared to the latter quarter of 2023. Parallel trends were witnessed in the Middle East and Africa regions with a leap of 263.91%.
KuCoin Communities
Distinguishing its social media footprint, in 2024 Q1 KuCoin has triumphed with more than 2.9 million followers on Twitter/X. KuCoin organized 37 Twitter Spaces events in partnership with cryptocurrency ecosystem affiliates, highlighting its commitment to building a strong, supportive community and reaffirming its reputation as a key industry player.
Customer Support
KuCoin’s customer assistance has played a pivotal role in both attracting and maintaining its user base, providing around-the-clock assistance and resolving upward of 500,000 inquiries in Q1 2024.
In correspondence to the bullish market, the Support Center has been augmented with a comprehensive range of multi-lingual articles, ensuring that our users receive unparalleled guidance and assistance.
At the heart of our support division is innovation—we have developed artificial intelligence tools for language translation and content composition, enhancing our team’s productivity and revolutionizing the customer service experience.
Proof-of-Reserve (POR Reports)
KuCoin perpetuates its commitment to security and transparency by consistently publishing monthly Proof of Reserves (POR) reports, validated by independent entities to affirm that user assets are backed by 1:1 on-chain reserves. In addition to publishing these reports, KuCoin encourages users to individually verify their asset data, reflecting the exchange’s dedication to following the highest standards of asset security and transparency.
New Assets and Listings
The first quarter of 2024 saw KuCoin debut 73 new assets, thereby increasing the aggregate of tradable digital assets to 892, supporting 1,283 trading pairs as of March 2024. KuCoin’s BurningDrop also supported 11 projects.
KuCoin Pre-market Trading
The Pre-Market platform, a pioneering over-the-counter (OTC) exchange designed specifically for the trading of new coins prior to official release, has seen remarkable adoption. It allows for a mechanism where buyers and sellers can quote prices and match trades, securing their desired pricing and liquidity in advance.
Since its launch in October 2023, the Pre-market Trading volume has climbed to 23.12 million in Q1 2024, marking a significant 68% rise over the previous quarter’s 13.75 million. Likewise, unique users have rallied to over 13,500, a striking 47% jump from the last quarter.
As of Q1 2024, six ventures have launched via Pre-Market, including Manta Network (MANTA), StarkNet (STRK), AEVO, ether.fi (ETHFI), Ethena (ENA), and Wormhole (W).
Trading Bot
In Q1 2024, a significant number of 1.3 million KuCoin Trading Bots were constructed by our users, indicating their trust in our platform. The resultant trading volume exceeded 5 billion USDT in Q1 2024, validating the bot’s efficiency. Our diverse range of options caters to varying trading styles, enabling users to leverage advanced technology for optimizing their trading pursuits.
KuCoin also rolled out a new bot strategy, “Futures Martingale,” in Q1 2024 to further enhance the KuCoin Trading Bot’s capabilities, aiding users in navigating the ever-changing market environment:
- Advanced AI-driven investment approaches, such as AI Spot Trend, Spot Grid AI Plus, and DualFutures AI Bot, employ an AI engine to rapidly identify market movements and adapt strategies accordingly.
- A comprehensive matrix of Grid strategies, encompassing Spot, Futures, Margin, and Infinity Grid, encapsulates a broad array of both classic and in-vogue strategies.
- Dollar-cost averaging techniques, consisting of DCA, Spot Martingale, and the potent Futures Martingale Bot, contribute to risk diversification and mitigation efforts during bear markets.
- The Portfolio arbitration strategy, epitomized by the Smart Rebalance Trading Bot.
KuCoin Token (KCS)
The KuCoin Token (KCS) observed a steady growth trajectory with over 2 million holders by Q1 2024, up 4.06% from the previous quarter. This growth has granted holders access to various privileges, including Staking, Liquidity Mining, Lending, and discounts on trading fees.
KuCard
Launched in December 2023, KuCard seamlessly blends digital currencies with traditional financial operations, enabling users to transact with cryptocurrencies ubiquitously across countless merchants globally that accept Visa. With a user base already exceeding 30,000, including more than 18,000 in Q1 2024 alone, the KuCard has made significant inroads within just four months. Looking forward, more perks are on the agenda, including a cashback initiative, plus a referral program promising USDT rewards (TBC) for users referring newcomers who reach predetermined KuCard milestones.
KuCoin Ventures
The investing branch of KuCoin, KuCoin Ventures, has sustained active investment in an array of budding blockchain initiatives since its inauguration in 2021. During Q1 2024, strategic placements were made in ventures across several sectors such as Bitcoin, AI, infrastructure, GameFi, and SocialFi, backing projects like Merlin, B2, Openstamp, Xlink, Lmuoz, Bitsmiley, TNA, Tomo, Mode network, XION, and Ultiverse.
This series of investments fortify KuCoin Ventures’ pledge in nurturing the blockchain infrastructure’s growth and progress. The enterprise bestows not just funding, but also branding acumen and marketplace intellect to enhance the prospects of its portfolio entities.
User Education & Industry Insights
KuCoin Academy
Emphasizing the significance of accessible and wide-ranging blockchain education, KuCoin introduced the “KuCoin Campus” educational program in alignment with International Education Day. Collaborating with Pakistan’s largest tech event, Future Fest, KuCoin initiated a University Roadshow, the inaugural segment of the program aimed at fostering blockchain technology awareness and partnerships with students from various institutions across Karachi, Hyderabad, and Lahore.
KuCoin Research Monthly Report
For Q1 2024, KuCoin sustained its commitment to delivering market insights through monthly reports. These publications offer in-depth analyses of the cryptocurrency markets, encompassing investor sentiment, prevailing trends, user preferences, and potential opportunities. These insights confirm KuCoin’s dedication to comprehensively grasping market dynamics, investment tendencies, and the broader digital asset landscape.
KuCoin Learn
Since its launch in August 2023, the KuCoin Learn platform has swiftly evolved into a vital source of knowledge for the crypto community, captivating more than 1,000,000 learners. It offers a deep dive into the vast domains of cryptocurrencies, blockchain, trading, and Web3, alongside practical courses on KuCoin products. This educational initiative transcends conventional platforms by streamlining access to the crypto and Web3 realms for the masses. KuCoin is intent on broadening the horizons of crypto literacy globally, equipping users with essential knowledge and tools to influence and successfully traverse the digitized world of tomorrow.
Leadership & Awards
Accolades: KuCoin’s Recognitions
KuCoin commands respect as one of the premier crypto exchanges, situated among the top 3 as per CoinGecko. In Q1 2024, Forbes Advisor distinguished KuCoin as “one of the Best Crypto Apps & Exchanges of March 2024”. Additional accolades include recognitions for Best Cryptocurrency Selection & Best for Altcoins by Coinbureau, and top selections from CCN, Coin Edition, and CoinGape for various distinctions.
Global Presence
KuCoin amplifies its international presence, with a notable milestone in the burgeoning Indian cryptocurrency sector by being amongst the inaugural global exchanges to have registered with India’s Financial Intelligence Unit (FIU). This historic stride for the global crypto industry and for KuCoin strategically places us at the vanguard of regulatory adherence.
In the initial quarter of 2024, KuCoin sponsored, participated, and formed significant alliances at global events such as the World Crypto Forum, Future Fest, AIBC Eurasia, Crypto Expo Europe, and the WOW summit. Our community manager also featured in the Crypto Community Conference. This strategic maneuvering allowed effective engagement with our society and affiliates, making a substantial impact on Europe, the Middle East, and Asia.
Corporate Social Responsibility (CSR) Initiatives
Although nascent, our industry has reached a juncture where greater social responsibility and the adoption of ESG standards are imperative. By embracing ESG principles, crypto firms not only align with global sustainability agendas but also position themselves advantageously in a marketplace that is progressively valuing ethical and principled business operations. Proactively pursuing ESG is paramount in sculpting a more sustainable and morally-sound future for our industry.
KuCoin’s foray into CSR commenced in Q1 2024 with the “Light Up Africa through the Lens of Children” program alongside the Smiling Simon Greenbuild Foundation, as part of the pioneering KuCoin Campus campaign. This inaugural initiative signals the start of a series of global contributions aimed at supporting educational and pioneering endeavors.
Source link
#KuCoin #Reports #Exceptional #Growth #Spot #Trading #Volume #Jumps #MENA #Leads #Surge
