cryptovibes.com
Major cryptocurrency exchange KuCoin has reported its trading volume and user metrics for the first quarter of 2022. According to the report, the company saw a cumulative trading volume of more than $1 trillion for spot and futures trading. It also recorded an average daily trading volume of $11 billion. The Kucoin futures traded at a daily peak of $15 billion while Kucoin Spot reached $9 billion.
Over 6 Million New Users Added In Q1 2022
The exchange also reported that the number of new users on the platform exceeded 6 million in the first quarter of the year. This represents an increase of 491% year-over-year (YoY). Kucoin’s Asian region ranked first when it comes to user growth, while the Middle East and Africa ranked second and third, respectively.
The exchange recorded a 1,500% increase in registrations in Asia. Europe had a 219% surge in registrations, while the Middle East and Africa had 300%.
Following the massive increase in the number of new users, activities on the platform have increased significantly. This has also resulted in an increase in its followers on Twitter, gaining 320,000 in Q1 2022 and reaching an overall total of 1.6 million followers.
Additionally, Kucoin has expanded the number of its global communities, which includes 580,000 fans.
KuCoin Sets For Expansion After Releasing Whitepaper
The exchange is moving to the next phase of its development and expansion after recently releasing the KCS Whitepaper. It outlined the distribution percentages of its token, the reason for the self-circulating ecosystem, and the deflationary system involved.
The Kucoin Community Chain or KCC development will serve as a vital booster for the exchange. The decentralized public chain was built by the Kucoin fan communities and the fans of KCS. It will be used to provide a more decentralized use case for KCS, including paying resource consumption fees or using KCS to pay for gas fees.
The exchange is also improving user experience by adding more stablecoins through Kucoin Earn. There are now 35 asset categories that users can choose from, in addition to 59 trading pairs and 44 cryptocurrencies available on the exchange.