KuCoin AMA Recap

KuCoin AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

Johnny Lyu (@johnlkj),  CEO and Co-founder at KuCoin Global

Johnny Lyu
CEO and Co-founder at KuCoin Global

Hey guys,

Thanks for having me.

 

CryptoDiffer team

Let`s start from the first introduction question:

Q1: Can you introduce yourself to the community? What is your background and how did you join KuCoin?

 

Johnny Lyu
CEO and Co-founder at KuCoin Global

Hi all, Johnny from KuCoin here. Before joining KuCoin, I used to work in the Auto and Luxury industry. I joined KuCoin in 2017 as the co-founder and I used to in charge of BD, listing, investment at KuCoin.

It is Michael who led me to the crypto world. We are high school classmates and Michael is an early Bitcoin miner. Michael used to be a user of Mt.Gox lol. He bought around 1000 BTC at the price of $10. And all these BTC went away with Mt.Gox.

Actually that is one reason why he wanted to create an exchange that is super easy-to-use and secure, and that’s why we now have KuCoin.

 

CryptoDiffer team

Thanks for sharing this, let`s start with the first question from the twitter!

Q1. Since the BTC plunge, most users are sad, and we really hope that during this time you can bring us some positive news. Are there any activities or campaigns to reward your users???

by https://twitter.com/Crypto_Chaser13

Johnny Lyu
CEO and Co-founder at KuCoin Global

This is a really good question. We can understand that due to the outbreak of coronavirus on a global scale and the crisis upon the global financial market, many people are losing their confidence in Bitcoin and crypto. While from our point of view, the market now overacted on the situation. We believe that as the panic fades away, the price of Bitcoin will return to its value and we are bullish on crypto for the long term.

We recently announced the establishment of KuGroup, which consists of three business groups, namely KuCoin Global, KuCloud, and the KuChain & KCS Business Group. And we are happy to see that this news also brought some positive impact on the market, $KCS pumped 30%+ on that day and the whole crypto market started to warm up since then.

As you might already know, to celebrate the new era of KuCoin and reward our users, KuCoin Spot trading platform will launch a “KuCoin Celebrates Its New Era with You!” campaign together with Pool-X mining pool, KuMEX contract trading platform, and a few project.

Pls check here for more info: https://www.kucoin.com/news/en-kucoin-celebrates-its-new-era-with-you

 

CryptoDiffer team

Q2: Nowadays there is a lot of competition, for example Binance is a great competitor for KuCoin, with its large community and listed altcoins. What makes KuCoin better? Why should users use KuCoin instead other platforms? What are its advantages?

 by https://twitter.com/Ale_Urich

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes, we are facing fierce competition in the industry, and that’s why we continue to introduce new services and products. KuCoin now offers a wide range of services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more.

KuCoin, KuMEX and Pool-X are the three main products for us at the moment and I think each product has some competitive advantages.

Let’s start with KuCoin. KuCoin has listed over 200 promising projects and it offers up to 10x leverage on margin trading. And the platform is highly secure and stable. When the market fluctuates dramatically, our system always handles it well.

More interestingly, KuCoin is the only two exchanges that support Level 3 data push, most exchanges only support Level 2.

With Level 3, you will be able to check every single trade on KuCoin, which means the platform is 100% transparent. For KuMEX, our futures trading platform, it has a fairer index price, leading to a better mechanism to protect users’ positions.

For instance, last September, BTC price dumped over $1000 in a single day, during this dump, the lowest index price on KuMEX is 8114 while it is 7856 on another futures platform, which means for the positions whose liquidation price is between 7856 and 8114, your position will be liquidated on other platform while not on KuMEX.

Pool-X is another key product we are gonna promote this year, not sure how many of you are interested in staking. Pool-X is the next generation of PoS mining pool and it introduced the world’s first liquidity trading market, allowing users to trade staking assets, enjoying a higher level of liquidity.

We think the products development by us could better satisfy crypto traders’ needs and that will help us obtain competitive advantages in the long-term.

 

CryptoDiffer team

Q3: How much secured is our coin on Kucoin Exchange? What is the fund safu status? What is plan if Kucoin got hacked and fund got shortage?

 by https://twitter.com/crypt_pluto

Johnny Lyu
CEO and Co-founder at KuCoin Global

As a global exchange, security is one of our top priorities. We developed all the infrastructure and systems by our own to ensure its stability and security.

We have plenty of security mechanisms to protect the digital assets of our users and we are working with many 3rd parties like Chainalysis, white-hats to improve the security level.

We know that a few exchanges set up a fund after being hacked while we do not have such a thing at KuCoin. It is because we care more about how to prevent such things from happening. While of course, if any users suffered losses because of our fault, we will take the responsibility to solve the problem, and cover the losses.

 

CryptoDiffer team

Q4: Although the current market situation is quite bad, but KCS is still very valuable, so will the advantages of kcs holders be improved soon?

by https://twitter.com/LeHongP32690669

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes for sure. Empowering KCS and improving its intrinsic value is a long-term strategy at KuCoin. KCS is the native token of KuCoin and it will also be the native token of KuChain, the public chain developed by KuCoin.

Currently, KCS holders could use the token to pay trading fees, get daily bonus, enjoy VIP benefits and more. As the mainnet launch of KuChain later this year, we will update the KCS bonus plan to bring more benefits to KCS holders. Stay tuned please!

 

CryptoDiffer team

Lets move to the last question from twitter.

Q5: Investors will enjoy: What is the reward mechanism for holding Token $ POL and how can customers be encouraged? Can you tell me How do you manage liquidity control?

by https://twitter.com/MamaDoubleOne1

Johnny Lyu
CEO and Co-founder at KuCoin Global

I suppose many of you may not be very familiar with POL, so I’d like to talk more about it. Currently you can get POL through LockDrop or staking your PoS token on Pool-X. Different from other PoS mining pools, you could enjoy double rewards by staking on Pool-X, the staking rewards as the project token and POL.

Take ATOM as an example, you could get ATOM with a 12% annualized rate of return and a certain amount of POL as extra rewards. As the native token on Pool-X, POL could work as the transaction media of the liquidity trading market, allowing users to trade their staking assets with unstaked counterparts. This solves the problem that many holders worry that they cannot sell their staked token during a sudden market dump.

And as Pool-X is powered by KuCoin, the POL token will be listed on KuCoin in a few weeks. It would be interesting to predict the price of POL as it is high associated with the price changes of major PoS tokens. For instance, when ATOM pumps or dumps a lot, many people will exchange their ATOM in Pool-X’s liquidity trading market and this will contribute to the demand of POL, affecting its price as a result

CryptoDiffer team

Ok, thanks for such detailed and interesting answers!

Let’s go to the Telegram community questions part.

Cryptodiffer Community

What’s your plan for the introduction of leverage tokens, that will enable me to short every shitcoins during dump??

Johnny Lyu
CEO and Co-founder at KuCoin Global

We have supported 10+ major tokens in terms of margin trading. We are happy to support more but for many altcoins, the liquidity is highly poor, which means the spot price will be easily manipulated, so offering margin trading service will be very risky and kinda irresponsible for our users.

Cryptodiffer Community

1. What do you mean when you said that Pool-X is an co-incubated by Kucoin? and what is Pool-X used for? 

2.What are the benefits that holders and investors can get through KuCoin Plus Trading Area?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Pool-X is developed by the KuCoin team and it is a PoS mining pool. Like if you are holding any PoS token like EOS, ATOM or TRX, you could stake them on Pool-X and get staking rewards on a daily basis.

Cryptodiffer Community

Can you introduce about your Dev Team? 

Are they having enough qualifications and experience to deliver a world class project ?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes I believe so. We have 200+ employees globally and more than half of them are devs. We are quite confident about our system and product.

Cryptodiffer Community

How do you think to  the risk of someone manipulating the symetracial liquidity pool. & are you taking steps to prevent liquidity wash trading in Kucoin?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes, very often wash trading are done by our partners like market maker. We have a system to track this and will warn any suspicious trades.

Cryptodiffer Community

Do you provide lending/loan? If so what will happen if I cannot pay in the due date?

Johnny Lyu
CEO and Co-founder at KuCoin Global

We have a lending platform which is live along with our margin trading service. https://www.kucoin.com/margin/lend. You could lend your spare token to others to earn some interest. We will closely monitor the borrower’s debt ratio to ensure that they will be able to pay the lender back.

Cryptodiffer Community

After lifting banking ban on crypto by Supreme Court of India, is there any plan of KuCoin to invest in Blockchain in India?

And How this decision by SCI affects KuCoin and Is there any plan of adding fiat INR?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yep, for sure. We recently announced a 50M support plan to support blockchain industry development in India. Also, we recently launched a few events only for Indian traders, check it out: https://www.kucoin.com/news/exclusive-rewards-for–indian-users-10000-usdt-to-give-away

Cryptodiffer Community

What are the advantages of doing KYC of Kucoin?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Higher withdrawal amount. And with more info, we could protect your account better.

Cryptodiffer Community

Kucoin has been here in crypto space for a long-term, do you think that there are very little room to grow and the exchange gradually goes to the saturation stage? What are your plans to make Kucoin exchange always “attractive” in investor’s eyes?

Johnny Lyu
CEO and Co-founder at KuCoin Global

I think the whole industry is still in very early stage. We’d like to do more educational campaigns to encourage more people to join the crypto world. We believe one day everyone will be with crypto!

Cryptodiffer Community

Can you tell us some details about Bitbns Pay & Bitbns debit cards.. What are its Limitations & fees & Also, can we use Bitbns card at any payment stores & even online payments?

Can we use BNS tokens & BitBNS cards in international countries for payments, etc?

Johnny Lyu
CEO and Co-founder at KuCoin Global

This is bitbns debit card https://www.youtube.com/watch?v=0jfB1UbyBbU

Bitbns pay is something where we are working on facilitating payments on top of amazon with crypto

Cryptodiffer Community

As Kucoin is about to launch your own DEX, how do you address this type of exchange’s critical issue which is lack of liquidity and volume?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Existing DEXs are not friendly enough to API traders. We will mainly address this issue to improce the liquidity.

Cryptodiffer Community

With the establishment of KuGroup and a more regulated approach, will you move the business registration into a country with higher standards and better law enforcement?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes, it’s possible. Being regulated in every key market is our long-term goal. We have a few licences in some EU countries and our legal team is looking at countries like Japan.

Cryptodiffer Community

As I see that kumex users are still very low, how are you going to attract users so they are interested in using kumex?

Johnny Lyu
CEO and Co-founder at KuCoin Global

I think KuMEX is doing good, and the number of users increased rapidly. Its all-time high volume has surpassed 200 M recently. And in 1 – 2 weeks, we will announce USDT contract and support more coins like ETH, even KCS.

Cryptodiffer Community

According to my research about your traffic, most of your current traffic is from US and Russia. Do you plan to enter other parts of the world, specifically India where cryptocurrency ban is lifted?

Johnny Lyu
CEO and Co-founder at KuCoin Global

KuCoin is trusted by users from 207 countries and regioins and we now have nearly 20 global communities, happy to provide services to more crypto investors.

Cryptodiffer Community

How do you define a really good exchange? Is Kucoin a good example?

Johnny Lyu
CEO and Co-founder at KuCoin Global

I think a good exchange shall be neutral, we are just a bridge between projects and traders. Nothing more.

Cryptodiffer Community

Do you plan to integrate deposits through Fiat? Because many exchanges make it possible to deposit funds through third parties like Simplex and Koinal do you plan to integrate such a system?

Johnny Lyu
CEO and Co-founder at KuCoin Global

We might be the first major exchange to support SimpleX.  We now have supported 22 fiats like USD, GBP, EUR, VND and our goal this year is to support 100+ fiats.

We integrated SimpleX in around October, 2018

 

Cryptodiffer Community

Does Pool-X and the Kuchain mainnet running to the Decentralized Financing(Defi) in the future?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes, Defi will be a key application on KuChain.

Cryptodiffer Community

1)I’m from india when we will buy crypto with our own Fiat on kucoin?

2) What is your strategy to attract more  new users to your Exchange with already an tough competitors in the market?

Johnny Lyu
CEO and Co-founder at KuCoin Global

On it, we are integrating a few fiat gateways that support the Indian rupee.

Cryptodiffer Community

Does kucoin have any plans to build a Dex ?

Johnny Lyu
CEO and Co-founder at KuCoin Global

Yes, KuDEX might be the first dapp on KuChain. Hopefully it could be launched in Q3 this year.

Cryptodiffer Community

What is your motivation for all KuCoin members who are waiting for Pool-X to be registered in the KuCoin market?

Because pool-X in my opinion and maybe some other people are waiting too long to be traded.

Johnny Lyu
CEO and Co-founder at KuCoin Global

Totally understood, our original plan is to get POL listed in Q1 this year but delayed due to a few reasons. But now we are ready to kick it off. Only a few days away!

Johnny Lyu
CEO and Co-founder at KuCoin Global

There are many good questions but sorry that I cannot answer everyone of them.

Cryptodiffer TEAM

Yes, we understand! Thank you for your time.

Really appreciate that you come to our chat!

Thank you everyone who participated!! Great support!!

Johnny Lyu
CEO and Co-founder at KuCoin Global

Thanks for the invitation. Very glad to be here today.

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