KuCoin reports growth in volume, user count through crypto winter News ▸ Kucoin ▸ Bear Market
KuCoin reports growth in volume, user count through crypto winter
KuCoin's user count surpassed 27 million, while the spot and futures markets' combined transaction volume surpassed $3.6 trillion.
1 min read
Updated: Mar. 31, 2023 at 5:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
KuCoin user count and transaction volume on spot and futures markets exceeded 27 million and $3.6 trillion respectively, according to KuCoin’s 2022 Annual Review report.
Throughout 2022, the exchange welcomed over 13 million new users, which indicates a 102% year-over-year growth, according to the report. Of these new users, 7 million, corresponding to 53.8%, are located in the Asia-Pacific region.
Growing the team and the portfolio
As many crypto companies chose to downsize to survive the harsh crypto winter, 2022 became the year of layoffs. Despite the market sentiment, KuCoin grew its team by 20% in 2022 and plans to grow by another 20% in 2023, according to the report.
KuCoin community also experienced a parallel expansion in 2022 by growing to 1.3 million members dispersed across 23 language zones from 1 million members and 21 languages in 2021.
Concerns over liquidity
After the FTX collapse, KuCoin faced community concerns with regard to its exposure to FTX. In November 2022 KuCoin CEO Johnny Lyu responded to these rumors by disclosing the exchange’s reserves.
Lyu stated that the exchange had been transparent with its users from day one and said that the exchange owned 20,504 Bitcoin (BTC), 180,299 Ethereum (ETH), over 1 million Tether (USDT) and many other coins as of Nov. 11, 2022.
A few days later, Lyu gave an exclusive interview with CryptoSlate, where he reaffirmed KuCoin’s liquidity and said the exchange was also partnering with third-party auditors to promote transparency.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
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KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Johnny Lyu is the CEO and one of the co-founders of KuCoin, one of the largest cryptocurrency exchanges launched in 2017.