Seychelles-based cryptocurrency exchange KuCoin arrived in the space during the great crypto bullrun of 2017. Since then, the firm converted early excitement into lasting momentum and became a globally recognized brand in the cryptoeconomy in the process.
Which brings us to now. On September 5th, KuCoin celebrated only its 3rd birthday, a reality that helps underscore how far the exchange has been able to climb in short order.
Looking Back at KuCoin’s Milestones
In KuCoin’s first 1,000 days in existence, it achieved:
- Winning over 6 million users from more than 200 countries.
- Expanding from trading services into borrowing, futures, staking, and beyond.
- Listing over 250 cryptocurrencies and offering over 450 trading pairs.
- Adding a fiat-to-crypto gateway and support for +50 fiat currencies.
- Facilitating over $80 billion in all-time trade volume.
- Generating 5 million USDT in profits to date for users of KuCoin Lend, Pool-X, the KCS Bonus, and other related services.
- Intercepting over 10 billion malicious attacks via the company’s in-house WAF protection system, ensuring 0 major security incidents on the exchange since it launched.
- Launching KuCoin Spotlight, a token selling platform that helps young blockchain projects raise funds.
- Activating the KuChain testnet, Kratos, which is paving the way for KuCoin’s coming DeFi-focused public chain.
KuCoin’s 8th Spotlight Arrives
On the heels of KuCoin’s 3rd birthday, the exchange’s crowdfunding arm is pushing ahead by facilitating its 8th Spotlight for Velo, a rising financial protocol in Southeast Asia’s nook of DeFi.
At its heart, Velo is a decentralized settlement network that focuses on providing borderless asset transfers and digital credit issuance services to businesses. The project is targeting expanding its reach around remittances and money services in Asia Pacific region.
The upside for participating in the legitimizing KuCoin Spotlight platform is the surge of interest that will likely flow in around Velo’s token.
For example, KuCoin facilitated two Spotlight projects earlier this year: LUKSO in May and BNS in July. Since then, the LUKSO token price has risen from $0.22 to $0.86 and BNS from $0.02 to $0.089. Velos creators undoubtedly wouldn’t mind a similar short-term performance.
Relatedly, the Velo launch can in turn provide an acute boon to KuCoin’s native token, KuCoin Shares (KCS). That’s because users are required to lock up KCS to participate in these Spotlights, which can help apply positive pressure on the KCS price and attract the attention of new traders.
KTSt Token Distribution Kicks Off
To address the perceived shortcomings of the Ethereum blockchain, KuCoin is developing the KuChain blockchain in a bid to provide a more optimized network for DeFi projects.
To prepare KuChain for primetime, its builders have created the Kratos testnet replete with its own KTSt test token so as to keep fine-tuning things and building up knowledge ahead of the KuChain mainnet launch.
As part of KuCoin’s 3rd birthday month celebrations, the exchange is starting distributions of KTSt to customers who participate in the BurningDrop program on the Pool X platform. This will ensure the token gets into the hands of community members who want to trial the economics of Kratos in KuCoin’s coming Betanet Events Phase II.
This Phase II campaign will undoubtedly prove pivotal going forward, as Phase I resulted in the discovery and corrections of 11 vulnerabilities in Kratos. It’s likely that even more vulnerabilities will be blinked out soon, then, too.
In the mean time, KuCoin has no shortage of work to do around its ecosystem, but its team seems up to the task. As the end goal, an actualized KuChain could mark a major turning point in the exchange’s history.