KuCoin 2023 Review: 106% Surge in Trading Volumes, 31M User Base

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  • KuCoin recorded a 106% surge in spot trading volumes and a 16% growth in user base.
  • Latin America, the Middle East, and Africa led in the user base expansion.
  • The exchange introduced 149 new assets in 2023, expanding to 830 tokens.

As the crypto community steps into a transformative 2024, Seychelles-based crypto exchange KuCoin has released a new report capturing the exchange’s transformative feats recorded in 2023, marked by unparalleled growth, innovation, and resilience.

One of KuCoin’s standout achievements in 2023 was the staggering 106% surge in spot trading volumes and growth in its user base. Specifically, the report disclosed that KuCoin experienced a notable 16% year-over-year surge in its user base. As a result, KuCoin now boasts nearly 31 million registered users as of December 2023.

The Latin American region took the lead in user base expansion, witnessing a 34% increase over the past year. Other pivotal regions like the Middle East and Africa experienced a 27% surge, closely followed by Europe with a 25% rise compared to 2022.

KuCoin User Base Growth Chart | KuCoin 2023 Review

Furthermore, the exchange highlighted that social media played a vital role in its outreach efforts. For instance, its X and Instagram accounts following grew by over 14% to 2.9 million in 2023.

Additionally, the report stated the exchange’s customer support has been a cornerstone of its success. KuCoin support agents addressed over 1.5 million queries in 2023, providing users with round-the-clock assistance.

Moreover, the AI-driven chatbot, which KuCoin introduced in April 2022, significantly contributed to swift query resolution. According to the report, this AI tool assisted more than 800,000 users by December 2023.

The 2023 reflection report also disclosed that  KuCoin implemented comprehensive anti-fraud measures to fortify security and combat business scams. These measures included verifications of business wallet addresses, official contact, and sophisticated anti-phishing. According to KuCoin, the integration has proven highly effective, significantly diminishing the risk of fraudulent activities on the platform.

KuCoin seemingly published its Proof of Reserves (PoR) reports for the past 12 consecutive months. The PoR reports affirmed the exchange holds users’ assets above a 1:1 ratio for Bitcoin, Ethereum, USDT, and USDC. Additionally, KuCoin introduced 149 new assets in 2023. This expanded the total tradable digital assets to 830, supporting 1,246 trading pairs.

KuCoin listed assets

The platform’s native token, KuCoin Token (KCS), saw its 42nd burn in December 2023. Following the burn events, KSC’s circulating supply became 96,641,044 tokens. Besides, KCS token adoption witnessed a steady 11% growth, reaching 1.9 million holders.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.