KuCoin yearly trading volume exceeds $1 trillion

KuCoin has reported its cumulative trading volume exceeded $1 trillion (Spot & Futures trading), and the average daily trading volume reached $3bn.

Last month, the company’s 24-hour trading volume broke a new record of $13bn, and has recorded the improved market share as well.

Spot market share rose from 1.42% at the beginning of the year to the current level of 6.79%, while KuCoin Futures also expanded from 0.48% at the beginning of the year to the current level of 3.09%.

The exchange broke 10 million registered users by the end of November 2021 and made it into the top five cryptocurrency exchanges.

“With the scrambling of institutional and retail investors into the crypto market, KuCoin users increased by 1,100% year-on-year, especially in Asia and Europe, with 21.5% and 16.8% rise respectively,” it reported.

KuCoin’s CEO Johnny Lyu told Coin Rivet that the latest company report was “a clear indication of the traction KuCoin is making, and a testament to the quality of service we provide our users”.

“The metrics are finalised for 2021, but we are confident that we will be able to achieve much higher results throughout 2022,” he added.

Driven by the rapid development of the KuCoin ecosystem, the native token of KuCoin – KCS – reached a new all-time high at $28.77 on December 1.

In addition, KCS has risen by more than 31x this year, becoming one of the best-performing exchange tokens.

The company added that KCS burn and adoption were key driving forces behind its value growth.

“To accelerate the KCS burn process and to more efficiently adapt to market expansion, the KCS team adjusted the period of KCS buyback and burn from each quarter to each month since the beginning of January 2021,” the report added.

Today, a total of 3,113,482 KCS has been burnt this year, which is worth around $37 million.