KuCoin will Upgrade the Company's Structure and Establish KuGroup

ChainDD
ChainDD

Mar 17

摘要: KuCoin have announced on March 17 to upgrade the company's structure by establishing KuGroup, which consists of three business groups, namely KuCoin Global, KuCloud, and the KuChain & KCS Business Group.

KuCoin has announced on March 17 to upgrade the company's structure by establishing KuGroup, which consists of three business groups, namely KuCoin Global, KuCloud, and the KuChain & KCS Business Group. Michael Gan, the former CEO of KuCoin, will serve as the Chairman of KuGroup, oversee the global strategy of KuCoin Global and put more efforts on exploring the boundaries of blockchain technology with KuChain, a Public Chain powered by KuCoin, and figure out how to integrate the group's businesses with the KCS ecosystem.

Meanwhile, Johnny Lyu, the co-founder of KuCoin, will serve as the CEO of KuCoin Global. He will be mainly responsible for the day-to-day operations of KuCoin, KuMEX, Pool-X as well as the expansion and prosperity of the KCS ecosystem. More updates regarding KuCoin, KuMEX, Pool-X, KCS, and KuChain will be announced in the next few weeks.

The letter reads in full as follows:

Dear KuCoiners,

I believe that, many of you have experienced a sharp shock in terms of wealth as well as confidence in the past a few days. As a practitioner who has gone through almost every cycle of the crypto market, I would like to share my experience with you all at this moment. Also, I’d like to tell you that at this turning point, KuCoin will continue to invest into this industry, contributing to the long-term development of the crypto industry as well as the mass adoption of blockchain.

Any industry has to experience setbacks to mature, and both the players and the industry's infrastructure need time to develop. What I can see is that the crypto industry went through profound transformations from every setback.

In 2013, when the big drop came, there were not many crypto trading platforms. The infrastructure and product that support the entire industry is very basic.

In 2017, in the last bull run, global exchanges including KuCoin found that the infrastructure and system are still fragile under tremendous market moves, which indicated an opportunity for companies to stand out by improving trading experience and customer support.

In 2018, the market trend remained unclear. We have seen the rapid growth of futures trading, staking and DeFi, which greatly enriched crypto traders’ investment options, allowing them to achieve asset allocation in a global scale with higher liquidity,

In 2019, we have seen more funds came from the traditional world. New services and products led to the change of the macro financial market. The advent of Libra, funds from traditional capital, and regulations of major markets all benefited the entire crypto world.

The industry has survived seven years of dramatic ups and downs, we witnessed the significant improvement of the crypto infrastructure. The trend also educates and attracts lots of new users to the crypto world, who either have faith in the technology or are eager to change their lives through blockchain and cryptocurrency.

In the past seven years, KuCoin has grown together with the industry.

We started building the infrastructure of KuCoin in 2013, and the platform was officially launched in 2017. Currently, we are offering uninterrupted trading service in 15 languages to 5 million users from 207 countries and regions. We have introduced multiple fiat gateways that can support 22 fiat currencies. 630 million users have traded on KuCoin’s platform and the transaction volumes has reached nearly 70 billion. One out of every four crypto holders is now with KuCoin.

In 2019, we continued to contribute to the development of crypto infrastructure.

In February, we completed the KuCoin 2.0 upgrade, allowing us to become the second crypto exchange after Coinbase to provide level 3 market data push. This feature brought more transparency to the industry and has been well recognized by API traders and market makers for its superb performance in extreme market moves.

Starting from March, we introduced a number of listing channels such as Spotlight, Selection, UpStake and LockUP, helped dozens of promising blockchain projects around the world listed on KuCoin.

In July, our futures trading platform KuMEX was launched, offering Bitcoin perpetual and quarterly contracts with up to 100x leverage. It is worthwhile to mention that we have also launched the world’s first Lite version of Bitcoin futures - KuMEX Lite - which enables newcomers to trade futures easily.

Soon after that, KuCoin launched Soft Staking service and Pool-X mining pool, with the hope to solve the problem of insufficient liquidity of traditional staking service. These staking services have served over 300,000 users.

In November, the Margin Trading service was launched, supporting more than 10 tokens including BTC, ETH, KCS, ATOM, and BCHABC, and the margin trading volume at KuCoin has surpassed 1 billion.

On the basis of crypto infrastructure, we have plenty of reasons to be optimistic about the industry, and continue to BUIDL so as to become a major player in the long-term development of blockchain and crypto.

Therefore, we have decided to upgrade the company's structure by establishing KuGroup, which consists of three business groups, namely KuCoin Global, KuCloud, and the KuChain & KCS Business Group. I will serve as the Chairman of KuGroup, oversee the global strategy of KuCoin Global and put more efforts on exploring the boundaries of blockchain technology with KuChain, a Public Chain powered by KuCoin, and figure out how to integrate the group's businesses with the KCS ecosystem.

Here, I’d like to also announce that Johnny Lyu, our co-founder,to serve as the CEO of KuCoin Global. He will be mainly responsible for the day-to-day operations of KuCoin, KuMEX, Pool-X as well as the expansion and prosperity of the KCS ecosystem. More updates regarding KuCoin, KuMEX, Pool-X, KCS, and KuChain will be announced in the next few weeks.

Because we believe, we HODL. Because we are always BUIDLing, we have faith in a bright future.

Let's move towards the next decade of prosperity in the crypto market together.

Michael Gan

March 17, 2020                      

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