Tag: KuCoin

KuCoin’s Emphasis on Self-Regulation and User Security Highlighted at TOKEN2049

by Blockchain News

Alicia Kao, the Managing Director of KuCoin, recently participated in the TOKEN2049 panel, shedding light on the evolving challenges and prospects that cryptocurrency exchanges are likely to encounter. During the discussion, Kao underscored the significance of self-regulation in ensuring the sustainable growth of the crypto sector. She elaborated on KuCoin’s rigorous security protocols designed to safeguard the integrity of users’ assets and enhance transparency on the platform.

KuCoin, often referred to as the People’s Exchange, has consistently prioritized the security and safety of its users’ assets. This commitment is evident in their ongoing $1 million USD Bug Bounty Program, regularly released Proof-Of-Reserve reports, and the frequent dissemination of educational content. These initiatives reflect KuCoin’s dedication to shielding its users amidst a constantly shifting external landscape.

Furthermore, Kao revealed KuCoin’s aspirations to expand its global communities and zero in on emerging sectors and regions. This strategy aims to provide their user base with premier products and services. The TOKEN2049 panel discussion emerged as a rich source of knowledge and educational dialogue, enabling participants to gain a deeper understanding of the current state of the industry and anticipate its future direction.

TOKEN2049 serves as a premier platform for knowledge sharing, networking, and forging strategic partnerships. The event has successfully convened over 10,000 pioneers, innovators, and crypto enthusiasts to delve into and mold the future of blockchain and digital assets. KuCoin remains resolute in its mission to promote the unrestricted global circulation of digital value. The exchange continues to emphasize user asset protection, user education, and driving the industry’s advancement in a structured and sustainable fashion.

KuCoin, which claims to have been established in September 2017, stands as a leading global cryptocurrency exchange, boasting a user base of approximately 29 million across over 200 countries and territories worldwide. Recognized by some as the hub for crypto gems, KuCoin has endorsed more than 750 projects with over 1,300 trading pairs. Notably, over 200 projects made their global debut on KuCoin. Presently, KuCoin is listed among the top 5 crypto exchanges on platforms like CoinMarketCap and Coingecko.

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

by Blockchain News

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 Report Reveals 3.8 Million Japanese Engaged in Cryptocurrency

by Blockchain News

KuCoin has recently released its 13th edition of the ‘Into The Cryptoverse’ report, focusing on the rapidly growing cryptocurrency market in Japan. The report provides a detailed analysis of the trends, preferences, and behaviors of Japanese crypto investors.

The survey involved 400 Japanese adults aged between 18 and 60, who are actively investing in cryptocurrencies. The key findings of the report include:

Crypto Adoption in Japan: The survey reveals that approximately 3.8 million Japanese adults, constituting 5% of the adult population aged between 18 and 60, are actively engaged in crypto investments.

  1. Youth and Crypto: An impressive 39% of Japanese young crypto investors hold over JPY¥10,000 in crypto, demonstrating a strong inclination towards substantial crypto investments.

  2. Women in Crypto: Women represent a significant 29% of young investors in Japan, reflecting a growing interest in the potential and opportunities offered by crypto investments.

  3. Active Trading: Nearly half (49%) of young Japanese crypto investors trade multiple times weekly, indicating the active participation of younger investors in the crypto market.

The report also highlights Japan’s innovative tax policies, fostering a thriving crypto ecosystem, attracting startups, and driving innovation. “Japan’s crypto landscape is evolving at an unprecedented pace, and we at KuCoin are committed to staying at the forefront of this transformation,” said Johnny Lyu, CEO of KuCoin.

The report further explores Japanese investors’ preferred crypto assets, including Bitcoin and Ethereum, and the growing interest in NFTs, Metaverse, Stablecoins, GameFi, DeFi, and Meme coins. It also emphasizes the significant role of social media influencers in shaping crypto investment decisions, with YouTube and Twitter emerging as the most trusted platforms.

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KuCoin User Linked to Memecoin Scams

by Blockchain News

KuCoin, which is a famous cryptocurrency exchange, has just verified that the address of a user is related to the start of hundreds of frauds using memecoin. This news was recently reported. A user on Twitter discovered on April 26 that the in question address had been responsible for the creation of two to five memecoins each and every day for the previous two years. The community member also brought up the fact that KuCoin “owned and controlled” the wallet addresses, which they mentioned in their post. Despite the fact that the blockchain explorer Etherscan has identified the address as belonging to a false phishing wallet, KuCoin has declared that they would not freeze the user’s funds in the absence of an official warning from law enforcement.

However, KuCoin has also stated that they will assist and cooperate with law enforcement agencies to take temporary risk control measures if the reporting party provides relevant legal documents, procedures, or reporting records. KuCoin made this statement in response to a question about whether or not they would do this. This action will be carried out in compliance with user agreements, complaints and reports, as well as the laws of the Seychelles.

The KuCoin platform had a security breach on April 24, which led to the official Twitter account of the platform being hacked. This issue arises as a consequence of that incident. The account intentionally uploaded misleading activities, which resulted in the loss of assets for several of its followers. After discovering the security flaw, KuCoin collaborated with Twitter to restore the hacked social media account and made a commitment to compensate the users whose accounts were compromised.

Some people in the cryptocurrency community have voiced their disagreement with KuCoin’s decision to not place a freeze on the user’s assets. These individuals believe that it is the responsibility of the exchange to protect its users from fraudulent behavior on its platform. On the other hand, some people have pointed out that KuCoin does not have the legal power to freeze assets since it has not received an official warning from law authorities.

This incident demonstrates how vitally important security is in the cryptocurrency business and how essential it is for exchanges to take preventative steps to thwart fraudulent conduct. Although KuCoin has pledged to assist law enforcement agencies, it is not yet clear how this situation will be resolved or what steps will be taken to prevent incidents of this nature from occurring in the future. KuCoin has stated that it will assist law enforcement agencies.

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KuCoin Twitter Hack Leads to Loss of Funds

by Blockchain News

In a recent incident, the official Twitter account of the cryptocurrency exchange KuCoin was compromised by hackers, resulting in the loss of funds for some users who fell victim to a fake giveaway event. According to KuCoin, the hack lasted for almost an hour on April 24, 8 AM ET. During this time, the attackers posted a fake activity on KuCoin’s Twitter account to lure users into thinking that they were participating in an official event. The exchange identified 22 transactions that were involved in the incident and promised to reimburse the victims.

KuCoin has urged the victims to contact them for assistance and promised to implement better security measures to prevent similar incidents in the future. The exchange is also collaborating with Twitter in conducting further investigations into the incident. Despite the unfortunate incident, some community members commended KuCoin for its quick response to the attack.

However, the KuCoin Twitter hack is just one of many incidents where hackers have taken over official Twitter accounts of crypto exchanges and NFT projects to promote scams. In September 2022, the Twitter account of the crypto exchange CoinDCX was compromised and used to promote fake XRP advertisements. Similarly, in January 2023, the Twitter account of the trading platform Robinhood was taken over by hackers who promoted a crypto token.

The incident involving KuCoin also highlights the need for better security measures in the Web3 space, particularly in nonfungible token (NFT) projects. In January 2023, the Twitter account of the NFT project Azuki was hacked, resulting in losses of $758,000 in just 30 minutes.

In conclusion, the KuCoin Twitter hack serves as a reminder for crypto exchanges and NFT projects to strengthen their security measures to prevent similar incidents from happening in the future. While KuCoin pledged to reimburse the victims and improve their security, it is important for other platforms to take proactive steps to protect their users’ funds and information.

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15% Indians Set Foot in the Crypto Space, KuCoin Study Shows

by Blockchain News

As of June 2022, the number of crypto investors in India had clocked 115 million, representing 15% of the nation’s population aged 18 to 60 years, according to a survey by crypto exchange KuCoin. 

The report noted that despite the Indian administration’s hard stance on crypto assets like the 30% tax imposed, the crypto market is speculated to continue attracting more players. Therefore, it is expected to hit $241 million by 2030. 

The Into the Cryptoverse Report India highlighted that fresh young blood triggered significant dynamism in the cryptocurrency market. Per the study:

“39% of young crypto investors below the age of 30 are first-time crypto investors who only started trading over the past three months.”

Furthermore, the younger and tech-savvy demographic is expected to enhance India’s digital economy. The report added:

“With its rapidly growing middle class and tech-savvy, young population, the country is poised to become a powerhouse of the digital economy in the near future, despite the challenges of poor topic education and information accessibility.”

On the other hand, the nation’s crypto investors aired their optimism about the market despite the current meltdown. KuCoin pointed out:

“56% of crypto investors believe crypto is the future of finance. 54% believe crypto will bring them a higher return on investment in the long run. 52% invest in crypto to gain passive income and improve the quality of living.”

For potential investors, the ambiguity enshrined in government regulations emerged as the main stumbling block to entering the crypto market, with 33% of the respondents airing their concerns.

The report also pointed out that more than 50% of crypto investors in India intended to propel their investments in the next six months despite the market downturn. 

Meanwhile, a previous KuCoin study noted that Nigerians were entering the crypto space because of high inflation rates and the lack of affordable financial services.

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KuCoin Labs Rolls Out Incubation Program with Univers Network to Boost Web3 Exploration

by Blockchain News

KuCoin Labs, the incubation and investment arm of crypto exchange KuCoin, has launched an incubation program with Univers Network to aid the exploration of the Web3 space. 

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Lou YU, the head of KuCoin Labs, pointed out:

“KuCoin Labs aims to enhance Web-2 entrepreneurs’ understanding and adoption of Web-3. KuCoin Labs is advising Univers Network in various aspects, sharing knowledge regarding Web-3 community incentives, technical structures, business strategy, marketing orientations, fundraising, as well as go-to-market plans, etc.”

As a metaverse infrastructure project aimed at revolutionizing Web3 and empowering communities, Univers Network comprises more than 50 developers currently creating an SDK for metaverse interconnectivity. 

 

The incubation program also seeks to bridge the gap between E-Sports and blockchain technology, given that one of the primary objectives of the Univers Network is the unification of game engines. 

 

Per the report:

“The Univers Network is developing a proprietary mechanism called ‘Choose-to-Earn’, which will connect developers and users while creating value for the user bases of both projects involved. Its Decentralized Publishing Company (DPC) will be launched later this year, with additional projects and development studios to be involved in their ecosystem.”

Through the strategic partnership with Univers Network, KuCoin Labs seeks to have the resources and scalability to be a leading metaverse and innovative infrastructure solution. 

 

Crypto exchange KuCoin has shown its commitment to enhancing Web3 exploration, given that it recently rolled out a decentralized product dubbed KuCoin Wallet, Blockchain.News reported.

 

The wallet supported multi-chain aggregation powered by the KuCoin ecosystem. As a result, users can create a decentralized account for Web 3.0 in seconds and send, receive, and store BTC, ETH, USDT, USDC, BNB, and more tokens in one place.

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KuCoin Pairs with DeFi Data Aggregator 1inch for Implementing Native Swap Function

by Blockchain News

The Seychelles-based crypto exchange KuCoin has announced a partnership with 1inch DeFi data aggregator to bring native token swap functionality to its in-house wallet.

KuCoin has launched a decentralized product called KuCoin Wallet.

KuCoin Wallet provides users with encrypted services through GameFi, Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) functions, providing a convenient experience in the Web3.0 space.

Through this cooperation, 1inch’s Pathfinder algorithm will be added to the KuCoin wallet to support users’ cross-chain swap token transactions and DeFi and non-fungible token (NFT) transactions and provide liquidity support for automatic market makers and active market makers.

“Swap is a high-frequency feature of the wallet, and 1inch is one of the most popular DEXs in the Web3 industry, so we work together through native integration to provide a smooth and cost-effective trading experience for our users,” said Jeff Haul, Head of KuCoin Wallet, adding that “As a gateway to the Web-3 world, we are willing to integrate any excellent Dapp that can provide high value to our users. This partnership with 1inch is a great start to our journey with more exciting landscapes ahead.”

In addition, KuCoin wallet users can also use 1inch’s limit order protocol features, including ether (ETH) gasless limit orders, etc.

1inch is a decentralized exchange (DEX) aggregator built on Ethereum. It is a type of liquidity protocol specialized in providing customers with accessible transaction by automatically aggregating offers from other decentralized exchanges.

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Coherent Secures $4.5M in Seed Round For API Products

by Blockchain News

Blockchain data startup owned by a former platform engineer at Coinbase, Coherent announced on Thursday that it has secured $4.5 million in a seed round.

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The round was jointly led by three venture capital (VC) firms whose specialty is to invest in seed and early-stage funds. These investors are Matchstick Ventures, Kindred Ventures and Foundry Group. 

The Coherent seed round also received attention from Coinbase Ventures, Chapter One Ventures, Alchemy, and Dan Romero, an individual investor who is an early employee at Coinbase. Particularly, the Alchemy team will be responsible for developing and distributing the API products in close partnership with the Coherent team.

Coherent was established in April by Carl Cortright after working as a platform and senior software engineer in Coinbase for almost four years. According to Carl, during his time at Coinbase, there were many faults with the incumbent platforms and Application Programming Interfaces (APIs) available to developers.

The most compelling evidence was that the systems were always failing, and they required tons of repetitive infrastructure on top of them. The repetitive infrastructure was to enhance the usability of the applications and simply pass on the complicated data from blockchains with no improvements on ease-of-use for developers.

Coherent Launched to be User-Friendly

With this in mind, Coherent was launched to ease the drudgery involved in creating a Web3.0 application for a developer. The Coherent blockchain offers high integrity, multi-chain data designed in a way that offers clear understanding and usability to the developers.

The foremost data of interest to Coherent are on-chain transaction history, non-fungible token (NFT) data, and credentials. 

With no limiting rate or complicated transaction hashes to interpret, Coherent shared its vision to be “the central platform for all Web3 developers where useful, user-centric data across all chains can be easily obtained.”

Gradually, Web3.0 advancement and adoption are gaining contributions for several individual and organizational investors. Identically, KuCoin in partnership with Windvane floated a $100 million fund devoted to creators in the space. 

As has been noted, like the KuCoin $100 million fund, Coherent is designed to center around the users which are developers.

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KuCoin Secures Over $10M in Strategic Investment

by Blockchain News

KuCoin has successfully secured over $10 million from Susquehanna International Group in a strategic investment.

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KuCoin will collaborate with Susquehanna to incubate and build networks for crypto startups, according to CoinDesk. The crypto exchange is particularly focused on projects built on the KCC chain – the blockchain network backed by KuCoin.

KuCoin told CoinDesk that its funds will be used to upgrade its crypto exchange platform’s infrastructure and enrich its product lineup. Furthermore, it also plans to use the funds for global expansion initiatives and hire more employees. According to CoinDesk, the firm had more than 300 job openings as of Thursday.

“KuCoin has been through a few crypto cycles, and we are committed to building no matter what,” KuCoin CEO Johnny Lyu said. “The support of SIG will solidify our leading role as a centralized exchange and facilitate our ecosystem expansion in the decentralized Web 3.0 world.”

Lyu added that the funds will allow KuCoin to continue programs supporting crypto startups, such as research and development, incubation and mentorship.

“Part of the funds will also be used to support the development and improvement of the KCS and KCC ecosystems with a focus on social aspects, DAO (decentralized autonomous organization) infrastructure and decentralized communities,” Lyu added.

The move follows KuCoin’s $150 million pre-Series B funding round led by Jump Crypto in May at a valuation of $10 billion, CoinDesk reported.

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