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

by Blockchain NewsAugust 12, 2022

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 NewsAugust 6, 2022

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.

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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Tagged : COHERENT / Finance / Funding Round / KuCoin

KuCoin Secures Over $10M in Strategic Investment

by Blockchain NewsJuly 22, 2022

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

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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Tagged : Blockchain / Crypto / Finance / KuCoin / SUSQUEHANNAINTERNATIONALGROUP

51% of Crypto Investors in Saudi Arabia Optimise Crypto Future, KuCoin Study Shows

by Blockchain NewsJuly 14, 2022

Nearly 3 million citizens in Saudi Arabia have entered the crypto space over the past six months, according to a study by KuCoin.

To explore the adoption and penetration of cryptocurrencies in Saudi Arabia, crypto exchange KuCoin released an “Into The Cryptoverse Report”. The study unravelled sustainable interest among crypto investors in Saudi Arabia. Per the report:

“51% of crypto investors invest because they believe it is the future of finance, while 44% believe that cryptocurrencies can bring them higher returns in the long run compared to other types of financial investment.”

Over the last six months, 14% of the adult population entered the crypto space by either trading digital assets or owning them. Furthermore, 17% of adults depicted crypto curiosity and were likely to invest in cryptocurrencies in the next six months.

New market entrants were going through the roof, with the report stating:

“The high proportion of new market entrants is unique to Saudi Arabia, as 76% of crypto investors have less than one year of experience in crypto investment, including 49% of those who first started trading cryptocurrencies in the past six months, suggesting strong demand for crypto education in the market.”

Despite the onset of the bearish market in the second quarter of this year, some crypto owners in the nation still showed confidence in their investments. The study also highlighted:

“In the second quarter of 2022, 31% of crypto owners in Saudi Arabia said that they would keep their crypto balance as is rather than increase their investment.”

However, the ratio of gender inequality is a bit high when it comes to crypto investment because 63% are men and 37% are women. Nevertheless, women investors depict a more practical mindset by looking at realistic benefits. The survey stated:

“48% of female crypto investors are motivated by its profitability in the long run, and 42% of females invest in crypto to gain passive income.”

With 42% of Saudi crypto investors seeing the profits accrued as a stepping stone toward improving their families’ living conditions, the KuCoin study found out that these unique aspects were opening up new horizons and possibilities for the cryptocurrency market in the nation.

Meanwhile, Argentinians have been seeking shelter in stablecoins following the resignation of the economy minister, Blockchain.News reported.

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Tagged : Crypto Adoption / Investment / KuCoin / Research / Saudi Arabia / Statistics

KuCoin Refutes Job Cut Rumours, Disclosing to Hire amid Crypto Winter

by Blockchain NewsJuly 12, 2022

KuCoin, a global crypto exchange headquartered in Seychelles, has refuted rumours that it intends to lay off employees.

Currently, more than 3,500 employees have been affected by massive job cuts in the crypto market, but it appears that the worst is yet to come. Many other exchanges, including KuCoin, among others, were reportedly identified as planning to downsize their workforce in the recent few weeks ago.

Johnny Lyu, KuCoin CEO, disclosed on Monday that the exchange plans to recruit over 300 employees in the next coming months. The executive commented: “KuCoin has not reduced staff and does not plan to do so. We are one of the few crypto platforms that continue to grow by relying on an effective business strategy, focusing on releasing new products and maintaining a healthy atmosphere in our team.”

Lyu mentioned that the firm was doing everything it could to enhance its employees’ productivity and motivation while also focusing on expanding compliance and innovation.

The CEO added the total number of the firm’s employees recently surpassed 1,000 and the firm currently seeks to hire 300 more. Roles open are from the company’s marketing, compliance, and technology teams, the executive said.

Lyu further stated: “We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable.”

The Current Downsize Trend

It has been a brutal period for the crypto sector since May this year. Digital tokens have fallen across the board, and at the time of writing, the price of Bitcoin trades below $20,000 per coin.

The ongoing bear market has struck a significant blow to the industry’s labour market. Many major firms, including US-based exchanges Gemini, BlockFi, Coinbase, Singapore-based crypto exchange Bybit, Austria-based Bitpanda, and Mexican exchange Bitso, have recently laid off multiple employees. And the wave of cuts appears to be gaining momentum.

However, a few crypto firms have recently said they are still hiring. Mid-last month, San Francisco-based crypto exchange Kraken announced that it plans to fill an additional 500 roles at the company within this year.

On 15th July, crypto exchange Binance also said it is expanding its hiring currently, with plans to hire over 2000 job positions open from engineers, product, marketing to business development, among others.

Last month, Sam Bankman-Fried-led crypto exchange FTX also disclosed that it is hiring more staff and will still continue doing so.

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Tagged : BEARMARKET / Crypto / Exchanges / JOB CUT / KuCoin

KuCoin Refutes Job Cut Rumours, Disclosing to Hire amid Crypto Winter

by Blockchain NewsJuly 12, 2022

KuCoin, a global crypto exchange headquartered in Seychelles, has refuted rumours that it intends to lay off employees.

Lyu mentioned that the firm was doing everything it could to enhance its employees’ productivity and motivation while also focusing on expanding compliance and innovation.

The Current Downsize Trend

It has been a brutal period for the crypto sector since May this year. Digital tokens have fallen across the board, and at the time of writing, the price of Bitcoin trades below $20,000 per coin.

Last month, Sam Bankman-Fried-led crypto exchange FTX also disclosed that it is hiring more staff and will still continue doing so.

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Tagged : BEARMARKET / Crypto / Exchanges / JOB CUT / KuCoin

Crypto Watchlist: Biggest Losers This Week (AVAX, MATIC, KCS)

by Blockchain NewsJuly 3, 2022

The digital currency ecosystem has continued to show signs of weakness with the combined crypto market capitalization pegged at $862.19 billion at the time of writing.

The past week was yet another tough one as notable circumstances further dampened the sentiments of investors from stacking up liquidity into the ecosystem.

While MicroStrategy Incorporated and El Salvador bought the Bitcoin (BTC) dip, the bullish gesture was not sufficient to wade off the impacts of the liquidation of Three Arrows Capital (3AC) as ordered by a British Virgin Island (BVI) court.

With most coins trading in the negative, here is a look into the three coins with the biggest weekly losses.

Avalanche (AVAX)

Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is regarded as one of the fastest blockchain protocols as measured by time to finality.

Despite the dip, the Avalanche ecosystem has continued to stay vibrant riding on the $230 million ecosystem fund it launched months ago. However, this has not helped the AVAX coin which is currently changing hands at $15.94, down 1.94% in the past 24 hours and by 23.90% in the past week. AVAX is one of the biggest losers for the week as analysts are advising traders to short the coin.

Polygon (MATIC)

Polygon (previously known as the Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Powered by the MATIC token, the protocol’s future is currently in doubt as The Merge of Ethereum’s Proof-of-Work (PoW) with the new Proof-of-Stake (PoS) is on track to be completed very soon.

The token is trading at $0.4551, down 23.44% in the past 24 hours. The token has lost over 84% of its price value since it recorded its all-time high (ATH) of $2.92 back in December last year.

KuCoin Token (KCS)

KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. At a price of $8.20 and a 25.33% drop in the week-to-date period, the KCS coin ranks as the worst loser amongst the top 100 digital currencies listed on CoinMarketCap.

The fall in the KCS price might be attributed to a FUD spread in its community chances are that the trading platform will halt withdrawals as it is also distressed, a claim that has been debunked by CEO, Johnny Lyu.

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Tagged : Altcoins / Analysis / Avalanche / Cryptocurrency / KuCoin / Polygon

KuCoin Rolls Out Decentralized Crypto Wallet to Aid Web3.0 Exploration

by Blockchain NewsJune 2, 2022

As the gateway to explore and discover the Web3.0 world, KuCoin, a Seychelles-based crypto exchange, has rolled out a decentralized product dubbed KuCoin Wallet.

KuCoin Wallet offer crypto services to users with GameFi, decentralized finance (DeFi), and non-fungible tokens (NFTs) functions for a convenient experience in the Web3.0 space.

Johnny Lyu, KuCoin’s CEO, explained:

“As the gateway to the Web 3.0 network, crypto wallets are an important requirement for users to participate in the decentralized ecosystem and have developed beyond a mere tool to store digital assets. The launch of the official website of KuCoin Wallet is additional proof that shows the determination of KuCoin to enter the Web 3.0 field at a critical time.”

The exchange sees the wallet as a stepping stone towards more investments in the Web3.0 sector.

Jeff Haul, the head of KuCoin Wallet, noted:

“KuCoin always hopes to better cater to the needs of all classes of investors. The release of the official website of KuCoin Wallet is one step further for KuCoin to make an exploration in Web 3.0.”

KuCoin said its wallet supports multi-chain aggregation powered by the KuCoin ecosystem. It allows users to 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, according to its statement.

In April, KuCoin launched a $100 million “Creators Fund” to accelerate Web3.0 growth and empower early-stage NFT projects, Blockchain.News reported.

With Web3.0 being a blockchain-powered iteration of the World Wide Web, concepts like token-based economics and decentralization are expected to be integrated. As a result, users will have full control over their data.

Recently, Andreessen Horowitz (a16z), a renowned Venture Capital (VC) firm, recently noted that Web3.0 was much better for creators than Web2.0.

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Tagged : Blockchain / Crypto / DECENTRALIZED WALLET / DeFi / Enterprise / Exchange / Gamefi / KuCoin / NFT / WEB3.0

KuCoin Rolls Out Decentralized Crypto Wallet to Aid Web3.0 Exploration

by Blockchain NewsJune 2, 2022

As the gateway to explore and discover the Web3.0 world, KuCoin, a Seychelles-based crypto exchange, has rolled out a decentralized product dubbed KuCoin Wallet.

KuCoin Wallet offer crypto services to users with GameFi, decentralized finance (DeFi), and non-fungible tokens (NFTs) functions for a convenient experience in the Web3.0 space.

Johnny Lyu, KuCoin’s CEO, explained:

“As the gateway to the Web 3.0 network, crypto wallets are an important requirement for users to participate in the decentralized ecosystem and have developed beyond a mere tool to store digital assets. The launch of the official website of KuCoin Wallet is additional proof that shows the determination of KuCoin to enter the Web 3.0 field at a critical time.”

The exchange sees the wallet as a stepping stone towards more investments in the Web3.0 sector.

Jeff Haul, the head of KuCoin Wallet, noted:

“KuCoin always hopes to better cater to the needs of all classes of investors. The release of the official website of KuCoin Wallet is one step further for KuCoin to make an exploration in Web 3.0.”

In April, KuCoin launched a $100 million “Creators Fund” to accelerate Web3.0 growth and empower early-stage NFT projects, Blockchain.News reported.

Recently, Andreessen Horowitz (a16z), a renowned Venture Capital (VC) firm, recently noted that Web3.0 was much better for creators than Web2.0.

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Tagged : Blockchain / Crypto / DECENTRALIZED WALLET / DeFi / Enterprise / Exchange / Gamefi / KuCoin / NFT / WEB3.0

Crypto Exchange KuCoin Forms a Strategic Partnership with Pyth Network

by Blockchain NewsMay 31, 2022

Seychelles-based cryptocurrency exchange KuCoin has announced a strategic partnership with the Pyth Network, according to the Financial Post, citing the statement from KuCoin.

In the latest partnership, KuCoin is committed to providing real-time prices of trading pairs listed on KuCoin to Pyth network. This cooperation will also aggregate the real-time prices of all traded currencies on KuCoin to the Pyth network, completing the complete chain of crypto market prices.

The Pyth Network is a specialized oracle solution for processing latency-sensitive financial data that is typically kept behind a “walled garden” in a central authority.

The whole point of the Pyth network is to find a new cheap way to put this unique data on-chain and aggregate it securely.

KuCoin CEO Johnny Lyu said: “As the People’s Exchange, KuCoin is committed to providing users with a better crypto experience while also joining forces with more organizations to bring crypto to the masses. Bringing real-world data on-chain is one of the infrastructures of the DeFi world. We look forward to building a more transparent on-chain data marketplace in the blockchain industry through Pyth network as a key partner, which will help to create a new DeFi world that is more collaborative and open and accelerates crypto to mass adoption.”

KuCoin Exchange, the world’s fifth-largest brokerage platform by trading volume, has announced a pre-Series B funding round in which it pulled $150 million.

The global crypto exchange has now joined the list of other trading platforms like FTX Derivatives Exchanges and Coinbase which is currently valued at above $10 billion.

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Tagged : Bitcoin / Blockchain / Crypto / Industry / KuCoin / PYTH NETWORK