KuCoin Aiming to Be Big in China. China has recently been controlling cryptocurrencies in the country in terms of what is available. ICOs have been banned in China while some exchanges stopped trading CNY. But even with this, one Chinese exchange is starting up to reach international customers. This new exchange is called KuCoin. It is designed to support many currencies with the intention of making it easier for people to enjoy quality trades in many forms for various currencies.
Although it is not illegal to run a cryptocurrency exchange in China, it has become difficult to operate such exchanges as many regulations are causing suspicion among operators. KuCoin is aiming to try and make the cryptocurrency field a little stronger throughout China. This comes as it offers a special arrangement where people can trade such currencies against one another with a focus on the bitcoin value. This would not require fiat currency for trades to work well.
What KuCoin Offers
KuCoin is currently offering a number of important features. It offers support for all the major cryptocurrencies as well as some Chinese-specific options like the NEO and GAS currencies. ERC20 tokens are also being listed although this might be concerning given how ICOs have been under attack in China in recent time.
The general focus is to create an exchange where cryptocurrencies are traded against one another. That is, people will trade one currency versus another. Fiat currency trading would not be involved.
KuCoin has been promoting itself as a solution that offers multi-layer encryption for trades to keep all clients safe. The trades can be easily completed in just a matter of minutes.
Users may notice that the site lists the values of individual currencies versus the bitcoin. This is an emphasis on how the exchange focuses less on fiat currency and more on cryptocurrency.
The other key currencies being traded on the front page include the Status, Civic, TenXPay and Kyber Network currencies. Additional options are expected to be listed as the currency exchange continues to be popular and noteworthy.
KCS Token Bonus Feature
Another vital part of KuCoin comes from the KCS token bonus it is offering. The KCS currency is available through KuCoin. KCS means KuCoin Shares and is the basic investment opportunity in KuCoin that individual traders can get into.
The shares will deliver 50 percent of the trading fees through KuCoin back to the investors. This would produce passive income for the investors although it might take a while for them to get a sizeable amount of money. This comes as the fees are typically lower than what traditional brokerage firms offer, what with cryptocurrencies naturally offering lower fees to begin with.
Each of these tokens are worth 50 cents USD on average. About 100 million of these coins are available at a given time. This limit ensures the demand for such coins will be strong while the potential for those to be traded well is strong.
KuCoin is currently available online for traders to utilize. The potential for the currency exchange to grow could prove to be vital to the success of currency trading in China.