It’s billed as the digital cryptocurrency exchange for the masses; a place where ordinary people can get in on the action and buy, sell and hold onto their own slice of digital currency history. Such is the awesome promise of the exchange called Kucoin (KCS) and it has left the question open: can there really be a democratic, open and free exchange? Can there really be a people’s exchange?
A little exploration of Kucoin and how it works might be able to answer the question and to a large extent help those traders and investors look at the platform and its accompanying token in a new light.
Kucoin is a Singapore-based cryptocurrency exchange that had its early conception by developers as far back as 2011. Back then developers were merely researching the possibilities of the blockchain, seemingly groping for way to transform the benefits of the blockchain into something useful. Developers made a breakthrough in 2013 when the structural ideas for a technical rollout of the architecture were finally set down. From there it appears the platform and what would eventually become Kucoin went into incubation phase. It wasn’t until 2017 that things really got underway. A full research and development team was assembled in May 2017 and following some capital injection from Angel investors, the full rollout of the exchange platform took shape and form.
Since coming online the platform, has grown from strength to strength and it’s a testament to the team that brought it to fruition. Looking at the resume of the development team it’s not difficult to see why for Kucoin developers have stints in a diverse set of roles at various technology platforms. Developers count industry names as GF Securities, Youling, Jianbang Communication and iBOX Pay as places they’ve made contributions.
The launch of Kucoin was couched in a carnival atmosphere and the platform hasn’t failed to live up to the spirited launch. The exchange platform has started to attract the listing of the most recognized and ancient digital tokens in the digital currency space. Recently, ELASTOS, a very strong and emerging coin had its listing on the Kucoin exchange. KCS also saw a listing from Stellar as well as OneLedger. These digital tokens join a long and growing list of digital tokens that are looking to broaden their reach and attract a loyal base of traders and investors.
Kucoin recently made headlines when it announced profits from a buyback of KCS tokens in the third quarter. This buyback and burn involved the burning of some 396,211 worth of KCS token. Burning is the act of destroying the digital tokens themselves. This prevents dilution of holdings among traders and investors and acts as a boost to existing value.
The value of those KCS coins themselves has seen a 16% increase over the last 30 days. Currently trading at $3.01, the token has several fluctuations. From a low of $1.76 recorded on June 29 to a high of $3.47 recorded on July 12, KCS has shown steadfastly that its credentials are intact. This bounce-back from the low recorded on June 29 is part of a larger story of rebounding and growth. Back in January 2018 Kucoin (KCS) rose to a high of $19.83. This spike was of course not exclusive to the coin, but still, it showed that traders and investors at least appraised the token.
Currently Kucoin has a market cap of $272.93M and has just under half of totally supply in circulation.