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The first half of 2022 hasn't offered much excitement for cryptocurrency enthusiasts. Market prices are in the dirt, although the support levels are being solidified as we speak. KuCoin, one of the biggest global crypto exchanges, shows not all is doom and gloom for crypto in 2022.
KuCoin Growth is A Bullish Sign
One can use various metrics to determine whether cryptocurrency is in a bullish or bearish spell. The price momentum for bitcoin and other assets has been very bearish, but the industry is about so much more. Overall, blockchain development continues to soar, and exchanges noted a substantial influx of new users. More people seeking exposure to cryptocurrencies confirm the industry hasn't lost its appeal. If anything, it may be the opposite.
Judging by KuCoin's H1 2022 report, this year shapes up to be very bullish for service providers. Exchange and trading platforms are still the gatekeepers to mainstream crypto adoption. Having more people sign up for a platform and deposit funds confirms these companies are checking the right boxes and have struck a chord with onlookers. KuCoin notes a user growth of 9.85 million users in six months, more than doubling its registered customer base.
That growth further extends to hitting a new milestone in employees - over 1,000, with roughly 300 more positions to be filled - and a cumulative spot and futures trading volume of over $2 trillion. It is remarkable to see KuCoin hire more staff, whereas other companies continue to lay off people due to bearish circumstances. Additionally, the company secured $150 million in pre-Series B funding, allowing it to remain healthy and continue to attract talent. Following the funding, the company is now valued at $10 billion.
Solid Growth In Key Markets
Sustaining this growth will prove tricky, although KuCoin notes strong uptake in critical regions. Cryptocurrencies are a global initiative, and KuCoin targets key markets across Europe, Asia, Africa, and the Middle East. The report confirms Europe is the fastest-growing region for trading volume, whereas Asia tops the charts in new user registrations.
It is interesting to see Asia hold that position, as the region has had some interesting regulations on cryptocurrency. For example, Japan and South Korea virtually prevent privacy coin listings, yet that doesn't affect industry growth too much. In addition, the emergence of Africa and the Middle East is a healthy sign, as those markets remain largely untapped in the crypto world.
Beyond the traditional growth, KuCoin pushes the boundaries in innovation. More specifically, the launch of the Windvane NFT marketplace is a strong signal. There is also the $100 million Creators Fund to focus on broader Web3 development. Additionally, the KuCoin Wallet went live to support multi-chain aggregation, providing a crucial tool for newcomers and advanced users.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.