Kucoin is a crypto exchange based in the Seychelles that opened in 2017 — at the height of a bull run. In an attempt to differentiate itself from other platforms, the company says it performs detailed due diligence to ensure that it only lists quality products.
The firm, founded by Michael Gan, claims that it has more than five million registered users in over 100 countries.
In September 2020, it suffered a high-profile hack where more than $280 million in funds were stolen. However, KuCoin later revealed that 84% of these assets were later recovered.
What Does KuCoin Specialize In? (KCS)
KuCoin is often seen as the younger brother to Binance, its better-known competitor. From the offset, one of the platform’s unique selling points centered on how it offered trading pairs that weren’t available through rivals.
The platform made its debut just over a month after Binance went online — at a time when the likes of Coinbase, Bittrex, Poloniex, Kraken and Bitfinex were also at an early stage of their business operations.
KuCoin also offers user-friendly charts powered by the TradingView system to help crypto enthusiasts keep a track of their investments.
As a crypto-to-crypto exchange, KuCoin does not allow digital assets to be purchased using fiat currencies. However, it makes up for this by supporting a wide range of altcoins and pairing them with six major cryptocurrencies, including Bitcoin, Ethereum, Tether and Bitcoin Cash.
The KuCoin Coin (KCS)
KCS was created in September 2017 using the ERC-20 token standard.
Users who hold onto this token receive discounts on trading fees, as well as a share of the platform’s dividends.
On a daily basis, 50% of the trading fees generated on the KuCoin platform are distributed proportionally to wallets with a KCS balance.
As of December 2020, the maximum supply was 170 million KCS, with 80 million KCS in circulation.
The exchange, which initially sold 200 million KCS, plans to progressively buy back coins in circulation — and gradually burn tokens until there is a max supply of 100 million KCS.
What Bonuses Is KuCoin Known For? (KCS)
As mentioned earlier, KuCoin is best known for distributing 50% of all trading fee revenues back to users — allowing traders to feel invested into the community.
