KuCoin, also known as People's exchange, is one of the most popular crypto trading platforms with its native cryptocurrency KuCoin Token (KCS).
KuCoin offers spot trading, margin trading, futures trading, etc. The exchange allows deposits and transfers, staking, liquidity trading market, and other activities through its Proof-of-Stake mining tool called Pool-X.
Check the real-time updates of the Kucoin token price, market cap, trading volume, circulating supply, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.
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Read on to learn everything you need to know about the KuCoin platform and the KuCoin Token (KCS), including the history, development, tokenomics, and how to use the system.
What Is KuCoin Token
KuCoin (KCS) is the native token of the KuCoin exchange. KCS is an ERC-20 token launched in 2017 as a utility token that allows traders to get rewards and serves as an incentive to increase users' trading activity.
Token holders with a certain amount of KCS get discounts on trading fees. Additionally, KuCoin users receive a daily dividend, KCS Bonus, for holding over 6 KCS. What's unique about KuCoin is that they share 50% of their overall trading fee revenue with users holding the KCS token.
KCS is also used to pay trading fees on the exchange. Moreover, KCS is required for participation in the Initial Exchange Offerings on the token launch program KuCoin Spotlight. Token holders can become VIP users and access reduced fee rates.
KuCoin has a goal to become a completely decentralized crypto exchange. The team plans to build a community-driven ecosystem around KuCoin Tokens in the future.
KuCoin Token Founders
KuCoin was launched in September 2017. It was founded in 2013 by Chief Operating Officer Eric Don, marketing director Jack Zhu, Chief Business Officer John Lee, Vice President Kent Li, Chief legal consultant Linda Lin, Chief Technical Officer Top Lan, and former CEO Michael Gan. The team had been experimenting for several years before launching the project.
In March 2020, KuCoin announced expanding its services and establishing KuGroup, which involves three business groups; KuCoin Global, KuCloud, and the KuChain & KCS Business Group. Michael Gan was appointed as the chairman of KuCoin Global, and Johnny Lyu became the CEO of KuCoin Global.
In 2017 Johnny Lyu joined KuCoinas as VP, head of strategy and investment. He then led the Spotlight program, worked as head of global business development, and was appointed VP of KuCoin's spot trade and futures exchange solution, KuCloud, in 2019. Johnny Lyu and Michael Gan studied together at college and had co-founded a photoshop service provider miyi.com. Lyu was also the technical supervisor at the e-commerce company Hongkong Milanoo Co.ltd and the CEO of IMOOLO Jewelry Co.ltd.
KuCoin is based in Seychelles and licensed by the Seychelles regulator; however, the company's main operational center is in Singapore. KuCoin has over 20 local communities across North America, Europe, Southeast Asia, and other regions.
In 2018, the company raised $200 M in its Series A funding round. The lead investors were venture capital Matrix Partners, IDG Capital, and NEO Global Capital (NGC).
How Does KuCoin Token Work
KuCoin is an ERC-20 token launched in 2017. Its public sale took place from August 13, 2017, to September 1, 2017, raising around $20 million in Bitcoin. At the time, Kucoin token price was about 25 cents ($0.25).
KCS has a total supply of 170.118.638 tokens, of which around 47% are in circulation as of December 9, 2021. The KuCoin token is deflationary, with the exchange implementing token burn and removing assets from circulation corresponding to KuCoin's long-term vision of making the supply constant at 100 million. The buy-back records are exposed through the blockchain explorer.
KuCoin Roadmap
KuCoin has a roadmap for platform development until 2024, suggesting future upgrades, an increased user base, and more improvements. In December 2021, the exchange celebrated a major milestone after achieving 10 million registered users globally. As part of the celebration, the team prepared thank-you gifts.
The 2021 developments raised the KuCoin token price. KCS reached its all-time high of $28.8 on December 1, 2021 (data to December 10, 2021). The token's market capitalization currently stands at over $1.6 billion, making it the 72nd largest crypto asset.
How to Buy KuCoin Token
Commonly used crypto exchanges to acquire KuCoin tokens are KuCoin, BitMax, Probit, MXC, and Polonies. The platform with the most available trading pairs for KCS is KuCoin.
Follow our step-by-step guide to secure your KuCoin tokens now.
Step 1: Create an online account. You can choose a cryptocurrency exchange that supports the KuCoin token and best suits your needs.
You should also note that most crypto exchanges require personal information such as your full name, phone number, proof of ID, social security number, and email address to register. You will also be required to undergo a standard KYC procedure.
Step 2: Acquire a Wallet. A cryptocurrency wallet is a virtual space where you can safely store your valuable crypto holdings. Software wallets like Coinbase Wallet and Metamask are good choices for many investors; however, consider acquiring a hardware wallet for safety. A Ledger wallet, like Ledger Nano S or X, offers you long-term secure storage and is highly recommended as a secure wallet by professionals. If you would like to send your KuCoin token to an external address, this can be done at any time.
Step 3: Buy USDT. Once you have an account on KuCoin, you need to purchase USDT to swap for KCS. You can fast buy USDT with fiat currency through a credit or debit card directly on KuCoin's exchange; purchase it directly from verified holders; or through a 3rd party using a payment channel.
Step 4: Make your purchase. Once you have purchased USDT, navigate to the USDT/KCS pair. Enter the amount of USDT you would like to swap and execute the trade. Congratulations on your purchase of KCS!
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