Crypto exchange KuCoin announced that it will defer the market opening of the KARRAT/USDT trading pair in response to the Karratcoin project’s request. However, the exchange did not mention the exact reason for the delay. KuCoin’s decision comes alongside the backdrop of the crypto exchange reporting a positive first-quarter result.
KuCoin Reports Growth in Q1
Cryptocurrency exchange KuCoin announced notable growth in the first quarter of 2024 in several operational areas. Spot trading volume on the exchange increased significantly by 121.85%, with the MENA area showing the largest growth rate of 263.91%. Pre-market trading volume surged significantly during this period to 23.12 million, up 68% from the previous quarter, and the number of unique users increased by 47% to over 13,500.
By March 2024, KuCoin’s user base had increased by 4.32% over the previous quarter, almost reaching 32 million registered users overall. The spike demonstrates our excellent services and wide range of products, which we provide to all kinds of Bitcoin investors, from beginners to seasoned pros.
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KuCoin’s Latin America Division Leads Growth
With a 16.26% increase, the Latin American area saw the largest growth in user base in Q1 2024. In addition, compared to Q4 of 2023, KuCoin had a significant user base increase in several important regions, such as the Middle East and Africa (11.29%) and Europe (6.98%).
The first quarter of 2024 had a notable increase in the amount of spot trading, up 121.86% from Q4 of 2023. Comparable patterns were also noted in the regions of Africa and the Middle East (+263.91%).
KuCoin Token Sees Wider User Acceptance
KuCoin’s token KCS saw a good quarter as well. Over 2 million KCS holders were added steadily in the first quarter of 2024, a gain of 4.06% over the previous quarter. In addition to receiving discounts on trading fees, holders have access to a variety of platform services, such as lending, liquidity mining, and staking.
The good result gave a push to the prices of KCS which at the press time was trading at $8.4403. The cryptocurrency’s 24-hour trading volume stood at $2.5 million. The coin has surged 3.31% in the past 24 hours and KuCoin Token (KCS) is currently trading between $8.5 and $8.3. KCS’s live market cap stands at $811.4 million.
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