financemagnates.com
Cryptocurrency exchange KuCoin today published a review of the third quarter of 2021 and highlighted a significant rise in its trading volumes. According to the recent metrics posted by the company, its trading volume crossed the level of $258 billion in Q3 2021, which is up by nearly 720% compared to the same period last year.
In terms of average daily volume (ADV), the number reached $2.91 billion. On 8 September 2021, KuCoin’s ADV touched a peak of $8.43 billion. For the entire month of September, the ADV reached $3.91 billion, which is 299% higher compared to the start of 2021.
“There has been a lot going on in the crypto industry in Q3 2021, and KuCoin has been keeping up with the game change at our own pace to gradually realize our vision. So far, KuCoin ranks as top 3 crypto exchanges on CoinMarketCap and is named as one of the best crypto exchanges for 2021 by Forbes Advisor for our rich altcoin portfolios. Regardless of the market volatility, we are dedicated to bringing more innovative products and hidden gems to meet user demands,” KuCoin mentioned in the announcement.
The latest report from KuCoin came just a few days after the company launched social trading features on its mobile app to facilitate clients.
Growing Users
During the third quarter, 1.5 million new users joined KuCoin. The exchange highlighted that the Middle East, Northern Europe, and Southeast Asia were the fastest growing regions in the past three months. “The monthly average traders were around 705k in Q3, maintaining the same level Q/Q, and reached 4.26x increase QOQ compared to 134k in Q3 last year. After the explosive growth in Q1 and the stumble in Q2, the interest in automatic program trading with KuCoin Trading Bot is picking up again in the third quarter. The number of trading bots created approached 3.5 million by the end of September, recording a 49% Q/Q growth,” KuCoin added.