KuCoin $KCS Wiki: Coin History, Techstack, and Crypto News

26 Sept 2022

This is the official HackerNoon wiki for KuCoin. As part of our coin price pages, this living wiki displays on KuCoin crypto price page. If you’d like to suggest edits to our official KuCoin wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.

Kucoin is a cryptocurrency exchange that deals in digital assets and cryptocurrencies. It is among the most used cryptocurrency exchanges in the world with over 8 million active users worldwide in over 200 countries and regions. It is commonly referred to as the people’s exchange with local communities in places like Japan, Italy, Spain, Turkey, Vietnam, India, Russia, and more. One in every four holders and users of crypto makes use of KuCoin.

History of KuCoin

The KuCoin exchange was started by Michael Gan and Eric Don. The founders started research on Blockchain technology in 2011 and built the technical architecture for the KuCoin platform in 2013.

The KuCoin exchange was open for trading in September 2017. The Initial Coin Offering was completed in September 2017 with around $27.5 million worth of Bitcoin. KuCoin planned on using this amount to expand its team. They were able to get a spot as the 18th largest exchange by early 2018. They completed their series A round of funding in November 2018 with around $20 million in funding from Matrix Partners, NEO Global Capital, and IDG capital.

KuCoin was able to complete an upgrade into KuCoin 2.0 and announced the upgrade in February 2019 bringing changes to KuCoin like an advanced API and more. The platform partnered with Simplex, a payment processor, to allow people to buy various types of crypto using their credit cards. Users are able to buy into Bitcoin, Ethereum, Litecoin, Ripple, and more for Euros or Dollars.

Biggest Claims to Fame

Its availability on iOS and Android widens its market to people who would not like to dedicate too much time to crypto. Users on the go can have KuCoin as apps on their phone and use it as needed. People can take time during their normal day to see the activity on their KuCoin. Security is also increased since it is very easy to find out when someone is messing around with someone else’s personal KuCoin account.

Through a partnership with Simplex, a European payment provider, KuCoin is able to bridge the gap between traditional currency and physical currency. This makes people less wary of putting their money into crypto as they know they can easily change their money into traditional currency if they feel uncomfortable with the trends they see in the crypto space. KuCoin has made it easy for users to deposit and withdraw funds between digital currency and physical currency.

KuCoin has its own digital token, the KuCoin Shares (KCS). Owning KCS tokens allows a user to trade with lower and discounted trading fees and rights to a share of trading commissions that KuCoin collects. KuCoin has traded over $71 billion worth of transactions so shareholders have earned a good amount of money from their investment in KuCoin; unlike investors in several other cryptocurrencies.

Biggest Criticism

KuCoin is unregulated by licensing bodies. This means KuCoin is an unregulated exchange which is liable to rise and fall in value without any oversight. There is no safeguard for any currency that exists in or goes through KuCoin which is a good thing for anyone who would like to buy and sell crypto anonymously but is bad for anyone who would like a regulatory safeguard for their investment in KuCoin.

There is no way for users of KuCoin to recover their money if ever the people who run the platform take the money they have on the platform and leave with it. There is no oversight or accountability to any country or regulatory committee and they have no sign-up process. The fact that anyone can make an account on the platform and not have to identify themselves makes follow-up of any amount of cash to an individual person extremely difficult. There is nothing to prevent or stop the people at KuCoin from closing down the company and leaving with all the money they have on the platform.

Team

Michael Gan is one of the founders of KuCoin. He was the co-founder and main developer of Missyi Inc, an editing and image-sharing app. He joined Alibaba’s Ant Financial as a technical expert later on. He got interested in blockchain while at university which led him to create KuCoin.

Johny Lyu is one of the co-founders of KuCoin. He co-founded Missyi Inc with Michael Gan before co-founding KuCoin with him. He is the global CEO of the platform and is in charge of the daily operations of KuCoin.

In Conclusion

KuCoin is a volatile and unregulated exchange. It is capable of being a good investment but no one can be absolutely sure of the future direction of the platform. Its being unregulated is one of the best things about it as the original point of cryptocurrency was decentralization. However, this is also the most risky part of cryptocurrency.