The number of users of the Kucoin platform based in Africa increases by 200% in the first 10 months of 2021

Although Africa lies far behind the rest of the world for many other key figures, it seems to have taken the lead in terms of cryptocurrency or blockchain.

Kucoin users based in Africa increase in the amount of

in African countries that are plagued by currency problems or hyperinflation, cryptocurrencies have developed into a real alternative value -plot. The same digital currencies are becoming increasingly becoming a preferred means of payment for transfers or cross -border payments.

In other words, cryptocurrencies in Africa have a real benefit in addition to trade. As Johny Lyu, the CEO of Kucoin -one of the biggest crypto exchange in the world -finds, many African cryptocurrency users or holders are more interested in the trading side of things.

In fact, Lyu reveals in his written answers to questions that were sent to him via LinkedIn that more African users ventured into the futures or margin trade. The CEO also explains how its organization is preparing for a future trillion dollar industry.

Below you will find some answers from LYU to the questions asked by Bitcoin.com News.

Bitcoin.com News (BCN): What did African users bought the most this year?

johnny lyu (jl) : btc , ETH , Sol, KDA and Luna are projects that keep most African users in mind. With the advent of NFT, Gamefi and Metaverse, native tokens of these industry-related projects were also listed in the portfolio of African users, such as Blok, Dreams etc. In addition, under the influence of the market mood Meme coins such as Doge, Shib and Elon have also attracted attention from African investors.

bcn: What does this traffic mean?

j l: In addition to the increase in traffic, the number of new African users of Kucoin has also shown explosive growth, which shows a new wave of traditional capital in the crypto world. The acceptance of blockchain and cryptocurrency in Africa increases, which also indicates the accelerating development of the crypto industry. Blockchain could be the next big thing after the Internet, and all countries are on the same starting line, so we believe that blockchain can be a chance for developing countries to obtain their developed counterparts.

BCN: How have user numbers and trading volume change?

J L: Both the number of African users and the trading volume on the Kucoin platform have risen every month since the beginning of 202. The trading volume calculated for October 2021 rose by 74 % compared to the previous month and the number of newly registered users rose by over 200 %. So far, the stock exchange has retained the same growth rate.

BCN: Which products are used most frequently in Africa?

J L: The majority of African users now use the spot trading. In November 2021, the Spothandel volume took the top position with 60% among all trading products. However, we have found a growing interest in the margin trade, which recorded an increase of 143% in October 2021 compared to the previous month.

BCN: Kucoin Labs, an investment arm of Kucoin, recently launched a 100 million dollar fund to support meta-verse projects. Can you tell us why your organization took such a big step so early?

j l: as the "home of the old coins and crypto edelstones" Kucoin has always been very sensitive to the latest trends on the market. Metaverse is the next chapter of the Internet and we believe that it will change many aspects of our society. Our mission is to help projects that begin to enter the meta verse segment and to present them to our users. We will identify projects that actually develop and reject those who are currently riding on the shaft of the hype. It is important to start in the phase of market education.

Sometimes technologically worthy projects are overshadowed by the lack of marketing budgets, inadequate media reporting and community support in view of the darkness of weaker projects. Some other startups with similar ideas could have the upper hand, either in technologies or in marketing. A startup with strong marketing efforts and without a technological basis often displaces a technologically superior competitor from the market. This leads to a dangerous situation, similar to in 2017-18, when many ICO projects turned out to be fraud. Kucoin Labs will certainly contribute to the formation of a healthy market by supporting technological competence and innovation.

BCN: According to a report, part of the money for this meta-verse fund is provided for educational programs. Can you tell us the amount used for this?

j l: grants to technologically strong projects are not the only item of our expenses. The training of young specialists is very important for a rapidly growing and high-tech industry like the blockchain. We have not included any specific figures in the publication, as this would be wrong because we are willing to spend as much as necessary for the educational component. You can't just say: "Okay, let's spend ten million dollars for a hackathon!" Learning is an ongoing process, while a development grant is limited.

We are ready to invest a lot in the training of young talents, but we don't know how many of them there are, and that determines the costs of training. There is enough space for everyone in the educational programs of Kucoin Labs, and we will not behave like universities who sometimes have a limited number of jobs for applicants.

BCN: What should be done besides the educational programs to get as many people as possible with meta -verse?

J L: The industry needs people with passion, mind and willingness to work hard. I know a lot of such people in the crypto industry among my friends, colleagues and partners. You will create products that attract users without additional incentives.

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