VICTORIA, Seychelle, Febr. 3,
2021 /PRNewswire/ -- The CEO of leading asset exchange KuCoin has
written an open letter to the community, reflecting on the events
of 2020 and outlining the company's roadmap for the future.
Johnny Lyu did not shy away from
discussing the security incident incurred by the platform in
September, when $285 million of funds
was stolen.
"Security has always been the sword of Damocles hanging over the
head of crypto exchanges. When we encountered the breach, we acted
quickly and transparently to protect all our users and partners,"
wrote Lyu. "First, we gradually resumed the deposit and withdrawal
services within a week, before fully restoring all features.
"Secondly, with the efforts of all parties in the industry, we
cooperated with exchange and project partners to recover
$222 million (78%), and through
further cooperation with law enforcement and security institutions,
we recovered another $17.45 million
(6%).
"KuCoin and our insurance fund covered the remainder of around
$45.55 million (16%). In the end, we
ensured that no users sustained any loss in this incident, and we
have since greatly strengthened our security level."
Lyu also confirmed that KuCoin had gathered intelligence about
the perpetrators, and indicated that investigations were
ongoing.
Based in Seychelles, KuCoin is
one of the industry's most recognized exchanges, serving a global
user base of over six million. The platform works closely with over
200 blockchain projects and facilitates hundreds of millions of
dollars worth of daily transactions. Reflecting upon the addition
of 39 fiat currencies in the past year, Lyu confirmed that KuCoin
now supports 53 national currencies with plans to integrate
emerging payment tools and popular gateways such as BTC Direct and
Mobilum. The CEO also heralded impressive growth in trading
volume.
"In 2020, our margin trading volume increased 217% year on year
and has supported 33 tokens and 54 trading pairs. Since the start
of the year, KuCoin Futures have achieved a stunningly rapid 420%
increase in trading volume and a remarkable 670% growth in user
numbers. It now supports 17 coins, including USDT-Margined and
Coin-Margined Contracts, and Perpetual Futures and Quarterly
Delivery Futures.
"Over the past year, the Pool-X staking platform – which
supports over 50 projects – generated around $7 million of passive income for users."
After reflecting on recent additions, including new DeFi and NFT
trading boards, Lyu revealed that KuCoin will support the upcoming
Polkadot parachain slots auction, enabling users to participate in
the expanding Polkadot ecosystem. Outlining his vision for the next
two years, the CEO stated his belief that bitcoin will overtake
gold, that decentralized finance will continue to innovate, and
evolve, and that NFT use will also increase.
"In general, the future strategy of KuCoin will be carried out
by two priorities: 'Find the next crypto gem' and 'Empowering KCS'.
In order to achieve the former, our intercontinental blockchain
project research team will keep up with industry trends to identify
more promising projects. "
"In the KuCoin community, KCS is the bond that connects us all,
and ideally, all KuCoin users will become members of the KCS
community. To this end, we will shed light on KCS and encourage
users to become token holders, to grow with us and share the
benefits from our growth. Moving forward, we will build KCS as a
killer product rather than a simple token."
Decentralization was a dominant theme in Lyu's letter, with the
CEO restating his belief that decentralization and
blockchain-powered transparency can facilitate the free flow of
value around the world.
"After evaluating all existing technologies and public chain
ecosystems, we are going to launch new KuCoin decentralized trading
solutions on the basis of KuChain," Lyu wrote. "One thing is for
sure: KCS will be the underlying fuel whatever the solution
actually is."
About KuCoin
KuCoin is a global crypto exchange that supports multiple crypto
asset transactions. Established in September
2017, KuCoin has grown into one of the most popular crypto
exchanges in the world. It currently provides Spot trading, Margin
trading, P2P fiat trading, Futures trading, Staking, and Lending to
its six million users in over 200 countries and regions around the
world.
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SOURCE KuCoin