KuCoin, a leading cryptocurrency exchange backed by IDG Capital, recently announced that its native token $KCS (KuCoin Token) will be listed on AscendEX, formerly known as Bitmax, a crypto exchange providing crypto-related services.
Launched in 2017, KuCoin was initially conceptualized as a profit-sharing token enabling traders to earn directly by supporting the exchange. KCS is issued as an ERC-20 token executed on top of the Ethereum network. KuCoin is currently the fifth largest cryptocurrency exchange in the world, according to the latest data from CoinMarketCap, with KCS ranking 91st with a market capitalization of over $1 billion.
After raising some $20 million in a series A funding from IDG Capital and Matrix Partners in late 2018, KuCoin has continued to develop its platform and introduce decentralized products to its user community. The platform has gained traction and popularity among crypto traders and users for its daily bonus and discounts, thus earning the moniker “People’s Exchange” because of its shared revenue model that benefits all users.
By holding a minimum of 6 KCS, users may earn a daily bonus which is pooled from half of KuCoin’s revenue from daily trading fees. Additionally, users may opt for KCS to pay trading fees on the KuCoin Exchange and receive fee discounts of up to 20%.
The exchange also allows KCS to be used for token sales on its KuCoin Spotlight series, and community-directed LockDrop/BurningDrop sessions over at the Pool-X trading platform, a pioneer in the staking and mining industry offering liquidity for staked cryptocurrencies, enabling integration of diversified crypto assets and multi-nodes on a public chain.
“KCS is the backbone of the entire KuCoin ecosystem. Beyond the existing use cases, KCS will also be the underlying fuel and native token of the upcoming KuCoin Community Chain (KCC), as well as KuCoin’s decentralized trading solution. Listing on AscendEX is a good start and we will continue to BUIDL around KCS to make it available on more major platforms,” shared KuCoin Global CEO Johnny Lyu.
This partnership with AscendEX will help ramp up KuCoin’s efforts at establishing the KuCoin Community Chain and integrate with AscendEX’s seamless and intuitive platform, which has helped introduce margins trading, futures trading, and financial derivatives to the public.
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