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KuCoin Registers Record 2M New Users in Second Quarter

African crypto markets hit a “major” developmental point, with trading volumes climbing 20-fold, the exchange said.

Aug 30, 2021 at 10:59 a.m. UTC
Updated Aug 30, 2021 at 2:04 p.m. UTC

Crypto exchange KuCoin registered more than 2 million new users in the second quarter, 1,144% more than in the previous quarter and 709% more than in second-quarter 2020, the exchange said Monday.

  • KuCoin’s average daily transaction volume grew 791% to $4.3 billion, the company said. While the number places it below Binance, Coinbase, Huobi Global and FTX, it is still among the world’s biggest crypto exchanges.
  • Just over half of the traders use its mobile app. Installs were up by 178% from first-quarter levels and by 755% compared with the previous year.
  • Among developing regions, the fastest adoption is taking place where inflation is high and mobile phones are easy to access, KuCoin said. Latin America saw the biggest growth in new users, 172% compared with the first quarter, followed by Africa at 130%, and Asia at 67%.
  • Volumes from African traders grew 20-fold, representing a “major outbreak,” the release said. To cater to growing demand, KuCoin has launched localized services in the region, it said.
  • The share of traders using bots increased by 2 percentage points quarter on quarter to 25%.
  • The share of women traders on the exchange has grown to 38% from 12% last year, KuCoin said.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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