Crypto Exchange KuCoin Posts 1144% Rise in User Growth in Q2
KuCoin, the world’s largest crypto exchange, is excited to report that the cumulative count of new users in Q2 2021 surpassed two million, representing a historic 1144 percent quarter-over-quarter growth and a 709 percent year-on-year rise.
KuCoin has completed 810 million transactions to far, with a total transaction volume of $400 billion. The average daily trade volume has increased by 791 percent in the last year, reaching $4.3 billion.
Specifically, the number of KuCoin mobile users is increasing, with a 755 percent increase in installations compared with 2020. 1.07 million installations were completed in 2Q21, representing a 178 percent increase over the previous quarter.
Currently, 54 percent of traders utilize the platform on their mobile devices. For the first time, mobile trading outperformed the exchange’s online version in terms of metrics.
Such dynamics may also be influenced by the increasing need for payment facilities among businesses worldwide, as well as the widespread usage of mobile and contactless payments. Over the last six months, the count of women utilizing the site has tripled.
The quarterly growth rate of new female users is 120 percent, with a yearly growth rate of 350 percent, adding to the fast expansion observed in the cryptocurrency industry this year. This massive inflow was shown not only by an increase in the number of accounts opened by women, but also by an increase in the deposits they made compared to the same time previous year. If female traders accounted for just 12% of all traders a year ago, they now account for 38% of all merchants “The majority of its users are female.”
“We made tremendous progress in enrolling new users and providing a simple access point for both men and women over the last year. To attain that kind of growth, KuCoin has specifically provided its users with educational tutorials, 101 sections, as well as holding AMA workshops with the CEO,” said Johnny Lyu, CEO of KuCoin. We have also initiated a series of innovative crypto services permitting users with limited grasp of crypto to quickly hop in trading. We are certain that, one day, everybody will be interested in cryptocurrency, and we will help to make that happen.”
According to a survey of spot traders, one-quarter (25%) of KuCoin platform users utilize trading bots while trading on the exchange, and this tendency is expected to continue. Trading bots were used by 23% of people a quarter ago, while just 15% of people used them a year ago. The increase follows the introduction of the KuCoin trading bot in January 2021.More than 2.8 million KuCoin trading bots have been developed as of today.
This figure is expected to rise as the number of users and their trading amounts grows, as does the need for automated trading systems that can deal with market volatility. In 2021, KuCoin will continue to expand into new areas and markets, with emerging nations in Latin America, Africa, and Asia embracing the technology on a domestic scale, with QoQ user growth of 171.93 percent, 130.16 percent, and 67.5 percent, respectively.
The exchange is gaining traction quickest in areas with high inflation and convenient access to mobile phones. According to the most recent statistics, the African crypto industry had a significant breakout in Q2 2021. Trading volumes generated by KuCoin’s African users rose 20 times in the second quarter of 2021 as compared to the same period the previous quarter.
Similarly, it has developed highly specialized services for African consumers at an early stage. The industry has taken note of KuCoin’s recent development and endeavors. KuCoin was designated one of the Best Crypto Exchanges of 2021 by Forbes Advisor earlier this year. It is currently the sixth largest platform on Coinmarketcap, with over 400 currencies and 827 trade pairs.
KuCoin, which debuted in September 2017, is a worldwide cryptocurrency exchange with over 400 digital assets. Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending are now available to its 8 million members in 207 countries and regions across the globe. KuCoin received $20 million in Round A financing in 2018 from IDG Capital and Matrix Partners. KuCoin is presently the fifth largest cryptocurrency exchange, according to CoinMarketCap.