KuCoin volumes more than double the existing crypto m-cap in H1

economictimes.indiatimes.com:

Crypto exchange KuCoin has released its semi-annual report for the ongoing calendar year, where it claims volumes reached the $2 trillion mark. The Seychelles-headquarter exchange has added 9.75 million new users during the period, with the total number of users crossing the 18 million mark, as per the report. The total volumes, including both spot and futures, is more than double the total market cap of the crypto cart, struggling to hold the $1 trillion mark for about a month now. This showcases a 180 per cent growth compared to the same period in 2021.

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In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

The exchange recently secured $150 million in the pre-series B funding round from Jump Crypto, Circle Ventures, IDG Capital, and Matrix Partners, bringing its valuation to $10 billion. Peak trading volumes for the spot were recorded at $11 billion, while futures reached $23 billion. Crypto trading and adoption are rampantly increasing, the report showed. Compared with the same period last year, the European market led the first half of 2022 at $481 billion in trading volume, up 381 per cent, whereas Latin America achieved $453 billion at a 189 per cent increase. Asia, Europe and the middle east were the top contributors in terms of users. Asia added 5.6 million new users to the platform, which is 660 per cent higher than the previous year. Other regions delivered 140-210 per cent growth. KuCoin, profoundly calls itself a ‘People’s Exchange’ and employs more than 1,000 people across the globe.