Sunday, May 26, 2024

KuCoin Sees Robust Q1 Growth: Spot Trading Volume Jumps 121.85%, MENA Leads with 263.91% Surge

As we advance through the first quarter of 2024, KuCoin takes a moment to reflect on a quarter filled with resilience, innovation, and growth within the crypto industry. The past three months have set a dynamic pace, and we are eager to share the highlights of our achievements and developments during this period.

Despite facing both challenges and victories, KuCoin has remained unyielding against market fluctuations. We saw in the early months a mix of bull market optimism and regulatory shifts, yet our dedication to innovation steered and shone. The crypto industry itself continued to evolve, providing fresh opportunities for growth and adaptation.

As the ‘People’s Exchange,’ KuCoin has been committed to nurturing a vibrant global crypto community. We are excited to explore the significant milestones that have shaped our journey in the initial quarter of 2024.

Key Figures

  1. Strong Growth in Spot Trading, volume boosted by 121.85% compared to 2023 Q4;
  2. MENA took the lead in increased spot trading with 263.91% growth;
  3. Pre-market trading volume surged to 23.12 million, making a substantial 68% increase from Q4 2023, with unique users exceeding 13,500, representing a 47% rise.

Registered Users and Trading Volume

As one of the world’s leading cryptocurrency exchanges, KuCoin’s user base grew by 4.32% compared to the previous quarter, approaching a total of 32 million registered users as of March 2024. Our ever-expanding user community highlights our high-quality services and diverse offerings, catering to all types of cryptocurrency investors, from novices to seasoned professionals.

In Q1 2024, the most significant growth in our user base was in the Latin America region, which experienced a 16.26% increase. Additionally, we observed substantial user base growth in other key regions, including the Middle East and Africa (11.29%) and Europe (6.98%), compared to 2023 Q4.

Significant growth in spot trading volume was witnessed in the first quarter of 2024, showing a 121.86% growth compared to Q4 2023. Similar trends are observed in the Middle East and Africa regions (+263.91%).

KuCoin Communities

In 2024 Q1, KuCoin achieved notable milestones on social media. We’ve surpassed 2.9 million Twitter/X followers. Throughout this quarter, we hosted 37 Twitter Spaces with our crypto ecosystem partners, underscoring KuCoin’s focus on fostering a robust and supportive community, thereby reinforcing our position as a leading industry player.

Customer Support

Our customer support has been instrumental in both attracting and retaining users, round-the-clock, 24/7 services have successfully resolved over 500,000 queries in Q1 2024.

In response to the bull market, we have enhanced our Help Center by adding a comprehensive range of articles in multiple languages, providing our users with unparalleled guidance and support.

Innovation is at the core of our support team’s ethos. We have developed AI tools for language translation and writing to boost our team’s efficiency and improve the customer experience.

Proof-of-Reserve (POR Reports)

KuCoin continuously enhances security and transparency by publishing monthly Proof of Reserves (POR) reports, ensuring timely updates for user assurance. These reports are verified by independent third parties, certifying that all user assets have 1:1 on-chain reserves. Furthermore, KuCoin supports independent verifications, allowing users to personally check their asset data. This commitment to leading verification practices demonstrates KuCoin’s dedication to maintaining the highest standards of asset security and transparency.

New Assets and Listings

In 2024 Q1, KuCoin introduced 73 new assets, expanding the total tradable digital assets to 892 and supporting 1,283 trading pairs as of March 2024. KuCoin BurningDrop supported 11 projects.

KuCoin Pre-market Trading

Pre-Market is the one and the only over-the-counter (OTC) trading platform in the crypto exchange landscape exclusively for trading new tokens before their official launch. Buyers and sellers can set price quotes and match trades to secure their desired prices and liquidity in advance.

Since its launch in October 2023, Pre-market Trading has witnessed remarkable growth. In Q1 2024, the trading volume soared to 23.12 million, representing a substantial 68% increase compared to the previous quarter’s 13.75 million. Furthermore, the number of unique users surpassed 13,500, exhibiting a notable 47% rise from the previous quarter.

As of 2024 Q1, six projects have been launched on Pre-Market, ie. Manta network (MANTA), Starknet (STRK), AEVO, ether.fi (ETHFI), Ethena (ENA), and Wormhole (W).

Trading Bot

In 2024 Q1, users created 1.3 million KuCoin Trading Bots, which is a testament to their confidence in our platform. The trading volume surpassed 5 billion USDT in 2024 Q1, underscoring the bot’s effectiveness. Our platform caters to diverse preferences, empowering users with advanced technology for profitable trading experiences.

In 2024 Q1, KuCoin launched a new trading bot strategy “Futures Martingale” to make KuCoin Trading Bot more competent, assisting users to make better decisions in the dynamic market:

  1. Advanced AI investment strategies, including AI Spot Trend, Spot Grid AI Plus, and DualFutures AI Bot, using AI engine to swiftly capture market trends and adjust strategies.
  2. The Grid strategy matrix, including Spot, Futures, Margin, and Infinity Grid, covers all the classic and popular strategies.
  3. Dollar-cost averaging strategies, including DCA , Spot Martingale, and Futures Martingale Bot, allow users to diversify and hedge against risks in the bear market.
  4. Portfolio arbitrage strategy represented by Smart Rebalance Trading Bot.

KuCoin Token (KCS)

In 2024 Q1, KCS adoption experienced a steady growth of over 2 million holders, reflecting a 4.06% growth from the previous quarter. Holders enjoyed access to diverse platform services like Staking, Liquidity Mining, and Lending, along with trading fee discounts.

KuCard

Launched in December 2023, KuCard integrates digital assets with traditional banking, allowing users to spend cryptocurrencies on everyday purchases across millions of locations globally wherever a Visa debit card is accepted, seamless payment with cryptocurrencies. With a user base exceeding 30,000, including over 18,000 users in Q1 2024, KuCard has gained significant traction within 4 months. KuCard is not stopping here, a cashback project is set to be unveiled in mid-May, promising additional benefits for users. Furthermore, a referral program is on the horizon, offering the opportunity for users to earn varying levels of USDT (TBC) rewards once their referees unlock certain milestones with KuCard.

KuCoin Ventures

KuCoin Ventures, the investment arm of the leading cryptocurrency exchange KuCoin, has been actively investing in promising blockchain projects since its establishment in 2021. In 2024 Q1, KuCoin Ventures has made a series of strategic investments in projects across various sectors, including Bitcoin, AI, infrastructure, GameFi, and SocialFi, for projects such as Merlin、B2、Openstamp、Xlink、Lmuoz、Bitsmiley、TNA、Tomo、Mode network、XION、Ultiverse

These investments demonstrate KuCoin Ventures’ commitment to supporting the growth and development of the blockchain ecosystem. The firm provides not only capital but also branding and market insights to help its portfolio companies deliver.

User Education & Industry Insights

KuCoin campus

Emphasizing the importance of accessible and comprehensive blockchain education, KuCoin launched an educational program “KuCoin Campus” in celebration of International Education Day. Partnering with Future Fest, the largest tech event in Pakistan, KuCoin has kicked off a University Roadshow as the first tour of the program to raise awareness and facilitate collaborations the future of blockchain technology, engaging with students from various institutions in Karachi, Hyderabad, and Lahore.

KuCoin Research Monthly Report

In 2024 Q1, KuCoin continued to offer market insights by monthly market reports. The reports provide valuable analysis of the crypto markets, including investor outlook, key trends, user preferences, and emerging opportunities. These reports also testify KuCoin’s ongoing effort to understand market dynamics, investment trends, and the perception of digital assets.

KuCoin Learn

Launched in August 2023, KuCoin Learn has rapidly evolved into a crucial learning hub for the crypto community, attracting over 1,000,000 users. It offers an exploration of the rich landscapes of crypto, blockchain, trading, and Web3, while also providing practical, hands-on courses on KuCoin Products. This educational initiative goes beyond a typical learning platform by simplifying the gateway to the crypto and Web3 world. KuCoin is not merely spreading knowledge; we are at the forefront of a global shift in crypto literacy. We will continue our commitment to lighting the way to a decentralized tomorrow, empowering individuals worldwide with the knowledge and tools to navigate and shape the new digital frontier.

Leadership & Awards

Recognition: KuCoin’s Awards

KuCoin is currently one of the top 3 crypto exchanges, according to CoinGecko. In 2024 Q1, Forbes Advisor also acclaimed KuCoin as “one of the Best Crypto Apps & Exchanges of March 2024”. We also received awards as one of the Best Cryptocurrency Selection & Best for Altcoins from Coinbureau, one of the Best Crypto Lending Platforms in 2024 from CCN, one of the Top Five Cryptocurrency Exchanges in the Middle East Region from Coin Edition, and one of 13 Best Crypto Exchanges and Apps For 2024 from CoinGape.

Global Footprints:

KuCoin is dedicated to extending its footprint in key markets worldwide, including the burgeoning Indian cryptocurrency market. In a groundbreaking move, KuCoin has become among the first global crypto exchanges to register with India’s Financial Intelligence Unit (FIU). This landmark development for the global cryptocurrency industry and strategic step for KuCoin positions us as a leader in regulatory compliance.

In 2024 Q1, KuCoin sponsored, hosted, and formed valuable partnerships across multiple continents, including the World Crypto Forum, Future Fest, AIBC Eurasia, Crypto Expo Europe, and the WOW summit. Our community manager also participated in the Crypto Community Conference. This strategic approach allowed us to engage with our communities and partners effectively, leaving a lasting impression on Europe, the Middle East, and Asia.

CSR Initiatives

Despite still being in its infancy, the industry has come to the stage where we are expected to shoulder more social responsibilities and embrace ESG. Adopting ESG not only aligns crypto firms with global sustainability objectives but also favorably positions them in a market that is increasingly valuing responsible and ethical business practices. This proactive approach towards ESG can play a pivotal role in shaping a more sustainable and ethically grounded future for the crypto industry.

In response to this, KuCoin has initiated the “Light Up Africa through the Lens of Children” event with Smiling Simon Greenbuild Foundation in 2024 Q1, as a part of the innovative KuCoin Campus campaign, marking the beginning of a series of global efforts to support education and innovation.

KuCoin also jointly launched two donation programs with the American Medical Women’s Association (AMWA), funded by KuCoin’s previous CSR donations. The programs aim to provide essential supplies for women and girls to enhance their health and combat climate change through two impactful projects.

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