Published
1 year ago on
July 27, 2022
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The CEO of the crypto exchange has announced his plans to launch a fund that will be targeted to tackle FUD (fear, uncertainty, and doubt) in the crypto market.
Fund To Tackle Misinformation
CEO Johnny Lyu unveiled his plans for the fund on Tuesday via a detailed Twitter thread. He has said that the fund will focus on tackling the spread of misinformation and disinformation within the crypto industry.
Lyu tweeted,
“FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence. To build a crypto space with less FUD, KuCoin is going to launch an Anti-FUD Fund.”
Lyu has listed the different approaches that the fund will take to combat the FUD menace in the market.
Three-Pronged Approach
The first course of action will focus on investing in proper anti-FUD education on online and offline platforms. Lyu plans on educating the global population and arming them with the knowledge needed to identify and distinguish FUD from regular market turmoil. Lyu has also said that to educate the global market, the KuCoin team will develop programs in over 20 languages.
In the second course of action, Lyu talks about enlisting influential and dependable social figures and acclaimed industry leaders to become the mouthpiece providing correct information and demystifying the FUD fog in the market.
The third and final course of action listed by the KuCoin CEO talks about isolating the root of FUD to the individuals and organizations responsible for spreading misinformation and even taking legal action against them if necessary.
Lyu talks about BUIDL, which refers to a ‘building useful stuff’ mindset, inspired by the HODL acronym. He said,
“I am certain that these initiatives can hardly erase all the FUD in our industry, but we have to take the first step, and every step counts. Don't FUD, #BUIDL.”
Bear Market Effects
The bear market of 2022 has created further instability in an already volatile industry. Many cryptos have suffered disproportionately due to the domino effect created by the FUD from a singular event. For example, the crash of the Terra LUNA ecosystem set off a chain reaction that took down several crypto firms. Therefore an Anti-FUD fund will be welcomed by many industry players.
Despite the 2022 bear market, the KuCoin exchange has been on a bullish rally for the year's first half. The firm has recently released its 2022 H1 report, which indicates that crypto exchanges and trading platforms are still leading the charge for mainstream crypto adoption. Moreover, KuCoin itself has noted an increase in its user base by 9.85 million in these six months of 2022.
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.
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