The introduction of financial exchanges changed the way crypto enthusiasts all over the world carried out transactions using digital currencies. Over the years, it has developed and grown to accommodate the increasing number of users and transactions.

Different exchanges have sprung up to make the use of digital currencies easier. One of the many platforms to spring up is the KuCoin exchange. The popular platform aims to create a world where everyone is involved in crypto.

What Is KuCoin?

KuCoin is a crypto exchange that was developed in 2017. The Hong Kong-based exchange has quickly gained popularity in the industry as a platform for buying, selling, and trading several digital assets, including BTC and ETH. The exchange is popularly known for its user-friendly interface, low fees, and numerous trading pairs.

As a way to bridge the gap between the everyday user and the platform, the exchange comes in the form of an app that is available on all IOS and Android devices. This opens the market to people who are not dedicated to cryptocurrency. So users who need to use the exchange services can use it on the go without taking time out of their typical day.

KuCoin is able to link traditional currency with digital currency through the help of Simplex, a European payment provider. This makes users who are not comfortable with the crypto ecosystem a chance to easily change their assets back to traditional currency.

History and Background of KuCoin

The brains behind KuCoin are two tech geeks, Michael Gan and Eric Don. The two have a long history with programming and coding, with Gan having an early affiliation with the craft at an early age. Gan picked up the skill as early as 8 years old and by 16 had already founded his first start-up. After a while, he began working with Eric in 2012, where he grew and mastered his craft.

After trying to sell some BTC on the biggest crypto exchange of that time, Mt.Gox, Michael realized the rigidity that comes with the platform. Michael and Eric envisioned a future where crypto would not only be used by the rich and affluent but by everyone, even the less educated, the unemployed, and many more.

They discovered that the increased adoption of blockchain was going to reshape the financial system, and for that, the financial exchange system would have to evolve too. In 2011, Michael Gan and Eric Don launched their research on blockchain technology and began building the KuCoin architecture for the platform in 2013.

The KuCoin Exchange was finally released and opened for trading in September 2017. The initial coin offering of $27.5 million worth of Bitcoin was completed in September. KuCoin planned to make use of the initial coin offering to grow its team.

The exchange achieved quick success and earned the 18th spot on the largest exchange list in 2018. In November 2018, they completed the first round of funding with a sum of $20 million from Matrix Partners, NEO Global Capital, and IDG Capital.

In 2019, KuCoin 2.0 was released and brought new changes like an advanced API and many more. Later, a new partnership with Simplex, a payment processor, was born. This processor allowed users to purchase different cryptocurrencies using their credit cards.

Features of KuCoin

KuCoin offers users a variety of features that make its system such a success. Some of the features include its user-friendly platform, passive income, and its trading bot.

Source: KCS - KuCoin

User-friendly Platform

KuCoin was designed to be a user-friendly platform that is easy to use and navigate, especially for users who are new to the platform. KuCoin is building a community where anyone can earn from the growth of the platform and also have an opinion on the affairs of the platform.

Passive Income

Users of the KuCoin platform can easily earn profit from the KCS bonus. Users with more than 6 KCS can get a daily dividend which comes from 50% of Kucoin”s trading revenue fee. This unique form of income is limited to KCS holders and builders. The amount the user earns solely depends on the number of KCS tokens held.

KuCoin Trading Bot

KuCoin Trading Bot is a tool that makes it easier for traders to carry out transactions on the platform. Once a user creates an account, deposits funds into the account, and enters certain trading instructions, the user then leaves the rest to the bot to handle.

The trading bot makes use of information, analytics, and other tools to analyze prices and forecasts. The bot then makes use of the user’s preferences and pairs them with the information gathered to place, buy, and sell orders as the price changes.

This feature essentially helps traders earn while they are asleep. The bot acts to earn the invested funds back as well as make a profit. This is beneficial because humans can not keep up with the constant changes and 24/7 trades that occur. The trading bot will solve the issue of fatigue and also trading based on emotions.

KCS Token

KCS is the native token of KuCoin. The coins were launched in 2017 as a profit-sharing token that lets users draw value from transactions made. It was issued as an ERC-20 token based on the Ethereum network and functioned on most ETH wallets. As the KuCoin exchange continues to grow, KCS will become both the native asset of the exchange and the governance token of the KuCoin community.

KCS allows users to carry out transactions at a lower and discounted price. They also have the right to a portion of the trading fee collected by KuCoin.

KCS Use Cases

The native token can be used for different purposes on the platform. It serves as the utility token, and it is used for payment of transaction fees on KuCoin. It is also paid out as a dividend and lets users participate in the token sale on the KuCoin Spotlight.

KCS holders can become VIPs on the exchange and no longer need to have large amounts of BTC to unlock the reduced maker and taker fees. KCS can serve basic functions, like payment methods for shopping, hotel reservations, and more.

News on KuCoin

KuCoin labs recently launched an incubation program to accelerate developers in the blockchain space. The KuCOin Lab’s Incubation Program gained support from MoonRock Capital, Vertu, CDH investment, IOC capital, Matrix Partners, and various institutions.

The first process will be an eight-week journey called Astro Selection. This process focuses on Gamefi, NFT, and the Metaverse. Interested builders could apply online, to get multiple forms of support from KuCoin labs and other mentors.

How To Buy KuCoin Token

KCS token is available on several third-party tokens (HitBTC, ProBit Global, and AscendEX (BitMax) and the token’s official site KuCoin.

Data Sources

Forbes Advisor: KuCoin Review 2023

Cryptonews: KuCoin History and Background

Next Advisor: KuCoin Review 2023: Low Fees and Lots of Coins, But Not the Best for Beginner Crypto Investors.

Coin Market Cap: What Is KuCoin?: How to Use the KuCoin Exchange

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