Once upon a time, two tech geeks, Michael and Eric, were early blockchain adopters. Michael had started coding at the age of eight and founded his first startup at 16. In 2012, he heard about Bitcoin from his boss Eric at IDG Capital and immediately began mining. However, when he tried to sell some Bitcoin on the Mt.Gox exchange, he discovered how difficult it was for beginners to navigate.
By the end of 2013, Michael and Eric realized the potential of crypto and wrote the first code for what would become KuCoin. They met in a cafe and worked together to create the "People's Exchange," a platform that would allow everyone to get involved with cryptocurrency, even those who were less educated, unemployed, and unbanked.
KuCoin quickly grew, and in 2018, the company received $20 million in funding from IDG Capital and Matrix Partners. The exchange launched innovative products, such as KuCoin 2.0, Spotlight, KuCoin Futures, Earn (formerly known as Pool-X), and Margin Trading. These propelled KuCoin from a crypto exchange that only had spot trading services to a platform that offers a diverse range of crypto financial services.
As the company grew, KuCoin faced difficult decisions, including whether to invest more in R&D to develop more products or to invest more in marketing and sales to gain a larger market share. Ultimately, KuCoin chose to improve its infrastructure and bolster its team, launching an entirely new line of innovative products.
KuCoin's biggest achievement so far has been facilitating the global free flow of digital value and getting everyone involved with crypto. The exchange has gone from a founding team of seven people to almost 600 employees worldwide and over 10 million registered users, serving users in more than 200 countries and regions worldwide.
Looking to the future, KuCoin plans to mine more crypto gems and expand its decentralized ecosystem by offering users more decentralized products, promoting further development of the KuCoin Community Chain (KCC) public chain, and expanding its reach in the decentralized field, especially in the metaverse, Web3, and other essential areas.
As the crypto industry experiences a correction, KuCoin's CEO Johnny Lyu suggests that short-term lows are necessary for long-term growth. Investors should put their money within the range of what they can afford to lose and increase the fault tolerance of their investments by reducing their leverage to ensure that they have enough time and capital to correct any mistakes.
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