TechDogs-"KuCoin Concludes 2023 with a Remarkable 106% Surge in Spot Volumes and User Base of 31 Million, Remaining Committed to Security"


KuCoin Concludes 2023 with a Remarkable 106% Surge in Spot Volumes and User Base of 31 Million, Remaining Committed to Security

By Business Wire

Business Wire
Overall Rating

VICTORIA, Seychelles--()--In a year of exceptional growth and strengthened commitment to security, KuCoin has solidified its position as a leading figure in the cryptocurrency exchange landscape. The KuCoin Annual Review shared its key achievements in 2023, underscoring the ongoing dedication to security and trust.The report is divided into 6 parts, including the key figures of growth, key features to enhance security, key updates of products followed by the investment arms, education, and global presence. KuCoin shares:

Quantifying the Growth: Key Figures

User Base Expansion: Witnessing a 16% year-over-year increase, the user base is now nearing 31 million, a testament to the platform's reliability and the community’s trust. The most significant growth in the past year came from the Latin America region, which saw a 34% increase. Additionally, substantial user base growth has been observed in other key regions, including the Middle East and Africa (27%) and Europe (25%), compared to 2022.

Trading Volume Increase: Q4 2023 marks a 106% jump in spot trading volume, indicating robust user engagement and confidence in the platform. The most significant growth observed in Europe (+169%), Latin America (+111%), and Middle East and Africa (+124%) regions.

Customer Service Excellence: With over 1.5 million queries resolved by the dedicated 24/7 customer service team and an additional 800,000 users aided by the AI-driven chatbot, KuCoin prioritizes responsive and effective user support.

Trust and Transparency to Enhance Security: Key Features

As the ‘People's Exchange’, the safety of users' assets is paramount. The initiatives in 2023 have further strengthened this commitment:

Solid Reserve Ratios: PoR reports consistently show over 100% reserve ratios for key cryptocurrencies, maintaining transparency and trust.

KYC Upgrades: Enhanced KYC protocols ensure a more secure trading environment, safeguarding user interests.

Advanced Security Measures: The platform has implemented multiple security measures, extensive security education, and a $1 million bug bounty program, all reinforcing a secure trading experience. These security measures include the use of industry-standard encryption algorithms to safeguard all sensitive data and assets, the implementation of multi-factor authentication for all user accounts, adding an extra layer of security, regular proactive assessment on the security measures to manage the risks on the platform. Additionally, the majority of clients' funds are held in cold wallets to ensure their security. Regular audits and penetration tests are also conducted. We adhere to the highest risk management standards and implement world-class security practices to keep users account safe. Our account verification system and risk identification system constitute Multi-Layer User Authentication, along with secure login, safe withdrawal, and user security configuration features, have been implemented to protect users assets and account security in all usage scenarios.

Key Updates and Milestones

Asset Expansion: Added 149 new assets, bringing the total to 830 digital assets, supporting 1,246 trading pairs as of December 2023.

KCS Holder Growth: An 11% year-over-year increase, resulting in 1.9 million KCS holders.

KuCard Success: Over 10,000 KuCard holders within a month of its launch, demonstrating strong user adoption and interest.

"Our vision at KuCoin has always been clear – to be the ‘People's Exchange’. This year's achievements reflect not just our growth but our unwavering commitment to providing a safe and secure trading platform," said Johnny Lyu, CEO of KuCoin. "As we continue to expand and innovate, our focus remains steadfast on ensuring that every decision we make aligns with the needs and security of our users. This is our promise as the People's Exchange – to offer a trading environment where security and user-centricity are not just priorities but the very foundation of all our operations."

In 2023, KuCoin continued to deep dive into market insights and published 8 market reports of the "Into the Cryptoverse" series, featuring different regions and countries, including Germany, France, Pakistan, Japan, Russia, Turkey, Korea, and the UAE. As well continued the global footprint with over 30 online and offline events across multiple continents, including TOKEN2049, Paris Blockchain Week, Blockchance, Blockchain Life Forum, Istanbul Fintech Week, and Future Fest 2023. This strategic approach increased engagement with communities and partners effectively, leaving a lasting impression on Europe, the Middle East, and Asia. Meanwhile, KuCoin actively participated in global initiatives to address climate change, as seen during their involvement in COP28, where they highlighted the potential of green blockchain technology. And also a $100,000 donation to support sustainable development and charitable causes, including AMWA and the African Children's Solar Lamp Project. Additionally, KuCoin has a track record of providing disaster relief, as demonstrated by their donation of 1,000,000 Liras to Turkey's earthquake relief efforts through #AFAD.

For more information, please see the full report on KuCoin Blog.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusiveness and community action reach, it offers over 800 digital assets. Currently, it provides Spot trading, Margin trading, P2P fiat trading, Futures trading, staking, and lending to its 30 million users in more than 200 countries and regions. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder's 2023 Global Cryptocurrency Trading Platform Awards.


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First published on Tue, Jan 9, 2024

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