Cryptocurrency exchange KuCoin began burning its tokens each month in a move CEO Johnny Lyu says will target inflation as a key challenge confronting fiat currencies.
Launched in 2017, it’s been a meteoric rise for KuCoin, which has grown into a top 10 exchange as well as being named one of the best crypto exchanges in 2021 by Forbes Advisor.
Coin Rivet spoke to KuCoin CEO, Johnny Lyu, who discussed the journey for the exchange since its launch and the variety of sectors they’ve covered.
“Our transaction volume has grown from zero to $500 billion with an average daily transaction volume over $4 billion – a year-on-year increase of 791%,” Lyu said.
Up to now, the number of registered users of KuCoin has exceeded eight million.”
We have discovered 500+ promising assets, covering the most trending sectors like DeFi, NFT, Metaverse, Solana ecosystem, Polkadot ecosystem, and Web 3.0.”
The speed of KuCoin’s progress has enabled developers to make constant updates on the ecosystem and the decision to change the burning period of KCS tokens from quarterly to monthly was one of those.
Lyu said he was aware of the issue of inflation as well and considered the long-term value of burning the tokens more often.
“We changed the burning period so that the burning event can reflect our business operations in a more agile manner,” Lyu stated.
“While reducing the token supply, we also pay attention to increasing the value and benefits of KCS for our users through the launch of new products and an upgrade of the existing ones.”
Adapting to the younger generation
Cryptocurrency is still a young industry and one that’s constantly updating globally.
Lyu is aware of the renovation that takes place in the crypto space and talks about KuCoin S, a crypto social trading app, as he believes it’s the latest product that can appeal to the demands of Gen Z.
As the number of young cryptocurrency users grows, we strive to meet the demands of the new generation with our new services unique to KuCoin only,” Lyu said.
“We believe that it will bring more newcomers on board and bridge the gap between professional traders and those who don’t have profound understanding of the crypto market.”
New social elements will make our platform more popular, attractive, and more comfortable for both users and young blockchain projects.”
Vision for KuCoin
Lyu spoke about what he inevitably wants to accomplish with KuCoin and that involves cryptocurrency becoming a global activity.
“We believe that one day everyone will get involved with crypto, and blockchain, as well as crypto, will revolutionise the way we create and distribute value,” Lyu said.
“As a platform, we are committed to bringing crypto to the masses by making KuCoin a better place to invest in crypto.”
The CEO told Coin Rivet that a plan for the 90 million lock-up of KCS will be announced in the near future as well as the newest updates of KuCoin and its white paper.
“Stay tuned,” he teased.