KuCoin, a leading cryptocurrency exchange, released its performance review for the third quarter of 2021 today. In the three months ending September 30th, KuCoin trading volumes grew an impressive 720% YoY, and new platform signups increased 446% from the same period in 2020.
The report also revealed the average daily in Q3 reached $2.91b, peaking at $8.43 Billion on September 8th, 2021. Furthermore, daily lending volume on the KuCoin platform has reached the $100 million milestone. As a result, the exchanges’ native Token (KCS) has gained over 2000% since the start of the year and currently commands a market cap of $1.39 billion.
In Q3, Kucoin increased its coverage, adding 86 crypto assets to the platform and launching the first Metaverse Trading Board. The report also details KuCoins plans to transform into a Social trading platform in Q4.
KuCoin CEO Johnny LYU said, “We have continuously explored beyond the industry boundaries in the bull-bear cycles. We are dedicated to lowering the threshold for every user to enter the crypto industry. In 2021 Q3, KuCoin keeps close with trending topics covering NFT, Meme tokens, GameFi, and Metaverse. At the same time, we keep increasing our global reach with more localized services, and we are working hard to improve the overall stability and security of the platform. “
KuCoin plans to introduce a host of new products with social trading features and apply for more licenses to increase its global footprint in Q4 and remains ambitious in maintaining its role at the #1 trading venue for altcoins.
KuCoin, which launched in 2017, has grown to become a significant player in cryptocurrencies. The exchange offers access to 486 digital assets and provides spot and Margin trading. According to CoinMarketCap, Kucoin is the worlds fifth-biggest cryptocurrency exchange behind FTX.
For more market insights, follow Elliott on Twitter.
This post was last modified on Oct 25, 2021, 11:02 BST 11:02