kucoin: KuCoin volumes more than double the existing crypto m-cap in H1

Crypto exchange KuCoin has released its semi-annual report for the ongoing calendar year, where it claims volumes reached the $2 trillion mark.

The Seychelles-headquarter exchange has added 9.75 million new users during the period, with the total number of users crossing the 18 million mark, as per the report.

The total volumes, including both spot and futures, is more than double the total market cap of the crypto cart, struggling to hold the $1 trillion mark for about a month now. This showcases a 180 per cent growth compared to the same period in 2021.

The exchange recently secured $150 million in the pre-series B funding round from Jump Crypto, Circle Ventures, IDG Capital, and Matrix Partners, bringing its valuation to $10 billion.

Peak trading volumes for the spot were recorded at $11 billion, while futures reached $23 billion. Crypto trading and adoption are rampantly increasing, the report showed.

Compared with the same period last year, the European market led the first half of 2022 at $481 billion in trading volume, up 381 per cent, whereas Latin America achieved $453 billion at a 189 per cent increase. Asia, Europe and the middle east were the top contributors in terms of users. Asia added 5.6 million new users to the platform, which is 660 per cent higher than the previous year. Other regions delivered 140-210 per cent growth.

KuCoin, profoundly calls itself a ‘People’s Exchange’ and employs more than 1,000 people across the globe. The company recently denied layoff rumours and said it plans to add employees in tech, compliance and marketing.

The exchange, launched in September 2017, added about 137 new tokens during January to June 2022 as the total number of assets listed on the platform hit the 700 mark.

This includes 31 crypto assets with world premiere listing, Five assets listings on the exclusive token launch platform Spotlight and five projects launched on Burningdrop.

KuCoin Labs also invested a total of $20 million in 19 crypto-native Projects in H1 of 2022, further promoting the exchange’s penetration of decentralized space. On the innovative product frontier, KuCoin launched the NFT Marketplace – Wind Vane and a $100 million Creators Fund to

Web-3.0 exploration.

Another major release was KuCoin Wallet, which officially went live as an easy-to-use crypto wallet that supports multi-chain aggregation powered by the KuCoin

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