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Kucoin Report: Turkey’s Crypto Investor Base Grows by 12%

by Blockchain NewsAugust 31, 2023

Cryptocurrency exchange KuCoin has unveiled its 15th report in the “Understanding Crypto Users” series, focusing on Turkey. The report reveals a 12% uptick in the percentage of Turkish adults investing in cryptocurrencies over the past 18 months, despite challenging market conditions and a depreciating Turkish lira.

Key Findings

According to the report, the proportion of adults in Turkey between the ages of 18 and 60 who have invested in digital assets has climbed from 40% in November 2021 to 52% as of May 2023. This uptick occurs in the context of the Turkish lira depreciating by more than half against the U.S. dollar, indicating a growing perception of cryptocurrencies as an inflationary hedge within the nation.

Demographics and Investment Trends

Gender Gap Narrows: While men still constitute 57% of crypto investors, women, particularly among the younger generation, are catching up. Nearly half (47%) of crypto investors aged 18 to 30 are female.

Younger Generations Lead: Investors aged 31 to 44 make up the majority at 48%, followed by those aged 18 to 30 at 37%. A significant 31% of all crypto investors made their first investment in the last quarter.

Investment Motivations and Preferences

Investment Goals: 58% invest for future wealth, 37% for value storage, 25% for portfolio diversification, 34% for ease of transfers, and 17% for quick profit.

Popular Assets: Bitcoin remains the most popular investment target, capturing 71% of overall interest, followed by Ethereum and stablecoins, which gain 45% and 33% interest, respectively.

Trading and Community Influence

Trading Dominates: 70% of Turkish crypto investors are primarily involved in trading, while 22% are buying NFTs.

Community Impact: 57% of participants became familiar with crypto through family or friends, underscoring the role of personal connections in crypto adoption.

Johnny Lyu, CEO of KuCoin, stated, “We are excited to present this comprehensive report that sheds light on the dynamic crypto community in Turkey. We aim to contribute to a more informed crypto landscape and encourage responsible adoption.”

Methodology

The data in the report is based on an online survey conducted between May 5 and May 12, 2023, using the SurveyMonkey Audience tool.

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KuCoin CEO Clarifies Insolvency Rumours as FUD Spreads

by Blockchain NewsJuly 25, 2022

KuCoin Exchange’s Chief Executive Officer, Johnny Lyu, has continued to dispel all rumours that the trading platform is turning insolvent.

The rumours emanated from a now-deleted Twitter account with the name Otteroooo, claiming he had insider information about the exchange’s ongoing woes.

Otteroooo operates more like a whistleblower to alert users to companies’ struggles in the Centralized Finance (CeFi) ecosystem. It acquired a massive following up until it deleted the account.

Per the whistle blown on KuCoin, he calmed the exchange does not have the liquidity issue that it can use to process customer redemption as it concerns its exposure to the Terraform Labs ecosystem tokens LUNC and wLUNC.

In a blog post with evidence of the conversations between himself and Otteroooo, Lyu explained that the only exposure that KuCoin has to the LUNA ecosystem tokens is because it supports the trading of those coins.

“It is our responsibility to keep them secure and make sure users can always withdraw in full whenever they want. Having a LUNC wallet does not necessarily mean KuCoin as a company is holding lots of LUNC tokens, and I’m sure the difference is obvious,” the blog post clarified.

The digital currency ecosystem is now very sensitive to news of insolvency after the likes of Celsius Network, Voyager Digital, Babel Finance, and the likes shut down withdrawals, locking billions of dollars in collective funds belonging to clients. As a trading platform, KuCoin is bound to have much more user’s funds as deposits, and investors will want to avoid a situation where they are cut unable to access their funds.

While the FUD also suggested that the latest $10 million in strategic investment received by KuCoin from Susquehanna International Group is an attempt by the trading platform to cover its basis, Lyu has reiterated that there is no connection between the funding acquired and its insolvency concerns.

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Tagged : Exchanges / Fud / INSOLVENCY / JOHNNY LYU / Kucoin Exchange

KuCoin CEO Quashes Rumours of FUD as its Exchange Might Halt Withdrawals

by Blockchain NewsJuly 4, 2022

Over the weekend, the Chief Executive Officer of KuCoin Exchange Johnny Lyu allayed all Fears, Uncertainties, and Doubts (FUD) related to rumours spreading on Twitter as the trading platform may halt withdrawals due to the distress by the ongoing market meltdown in market.

Talking to Twitter, Lyu said there is absolutely no plan to halt withdrawals and that, unlike the claims that the firm is having liquidity issues, it has no exposure to crypto projects and companies that are struggling at the moment including LUNA, and Three Arrows Capital (3AC) amongst others.

“Be aware of FUDs! Not sure who’s spreading these sheer rumours, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc. No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well,” Lyu said in his short Twitter thread.

In a bid to further exert his stance that the exchange is faring well, the CEO shared the company’s milestones as the trying times the ecosystem is facing gain momentum. Lyu implied that the exchange has sufficient liquidity, going by its massive valuation of $10 billion following the $150 million raised back in May.

KuCoin is more active in this bear market and comes off as one of the fear exchanges after Binance and BitGet which has announced plans to continually hire before the end of the year, Lyu added. Slamming those spreading unverified information, Lyu said the company’s performance report for the first quarter of the year will soon be released.

“Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. For FUDers who intentionally spread unverified info., KuCoin reserves the right to take legal action. Don’t FUD, BUIDL,” he said.

Justifiably so, a lot of crypto-linked companies, including Three Arrows Capital (3AC), and Babel Finance are currently highly distressed currently.

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Tagged : Exchanges / Fud / JOHNNY LYU / Kucoin Exchange