We are experiencing a cryptocurrency renaissance, says KuCoin CEO

Cryptocurrency exchanges are important nodes in the cryptocurrency ecosystem. people who run them become influencers with the degree of influence, often depending on the size of their exchanges.

According to a recent report, the KuCoin exchange is in the top 5 of the exchanges on Coinmarketcap. Furthermore, the number of its users has increased to 8 million in 2021.

KuCoin was founded in 2017 in Singapore and has been under the leadership of Johnny Lyu since May 2020. If you Google ‘CEO KuCoin’, you will find a young man with a Hollywood-style smile.

At first, it is difficult to correlate your outward appearance with a managerial position on one of the major cryptocurrency exchanges.

However, if you have watched an AMA session with Lyu, then you already know how financially and technically smart he is.

Cryptocurrencies during the turbulent 2020s

Julia Magas (JM): last two years have been very special for everyone. world has lived long. I mean the pandemic, social distancing, telecommuting, rising prices, inflation, the space race, and many other good and bad things that have happened in the last two years. How did blockchain and cryptocurrencies develop in that period?

Johnny Lyu (JL): I think everyone will agree that it was a good time. We have seen the golden age of DeFi and NFT, the appearance of metaverses, the growth of the market and the updates of the maximum prices of many currencies, the investments in cryptocurrencies on the part of the institutions, etc. But more importantly, this period of the so-called ‘cryptocurrency renaissance’ is still gaining momentum. I see no reason to give in to pessimistic forecasts.

rebirth of cryptocurrencies

JM: A rebirth of cryptocurrencies? Interesting way to see. What do you mean by that?

JL: Events involving the general disclosure of cryptocurrencies and blockchain technologies are in stark opposition to past events. I’m referring to Mt.Gox and Silk Road in 2013/14, the ICO crash of 17/18, and all the other events that led to the stagnation period in 2018 and 2019.

It seems to me that an entire era has passed, along with John McAfee. Today we are experiencing a renaissance. That era has been overtaken by another, one in which big companies buy billions of dollars worth of cryptocurrencies and people like Elon Musk rise to the level of top influencers.

Everything that happened in the cryptocurrency market in 2020/21, from the money parachute and the subsequent increase in the number of deposits in the Coinbase IPO, and the twenty-fold growth in the price of bitcoin compared to its values ​​since 2019, all of these events, launched a very important process for the market. This is progress that leads to growth in the number of market participants. market will grow and develop. I have no doubt about it.

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KuCoin grows alongside other cryptocurrencies

JM: Yes, the popularity of cryptocurrencies and the adoption of blockchain technologies have grown by leaps and bounds lately. number of Google themed queries, the number of wallets, the number of people who own or are interested in and use cryptocurrencies on a daily basis are growing rapidly. report published by KuCoin for the second quarter of 2021 states that the exchange has 8 million new users. How do you interpret such a figure?

JL: number of new users on the exchange is one of the indicators of the success of the market in general, as people from different countries register with the exchange with the aim of buying their first cryptocurrencies.

For KuCoin, we have always been committed to building the crypto ecosystem to provide our users with diversified services in a single circle. We recently welcomed a new member to join the KuCoin family, KuCoin Pool, to offer efficient mining and lower commissions to miners around the world.

Proof of Work mining pool will support global cryptocurrency miners by providing them with mining income after connecting mining rigs. It also showed that we are one step closer to perfecting the entire ecosystem.

This and other statistics, such as the number of mobile users and the number of female traders, are indicative of the speed at which the cryptocurrency market is growing this year.

Women are entering the world of cryptocurrencies in ever-increasing numbers

JM: I think everyone understands why the number of mobile users is growing. What do you associate with the growth in the number of women traders?

JL: I have always thought that women are more judicious. If women today are investing in cryptocurrencies more than before, this means that Bitcoin will soon skyrocket!

But seriously, I don’t fully understand why the industry developed to initially be more inclusive for men. However, I am glad that the situation is changing. re are many women who work on KuCoin in a variety of roles and I asked their opinion on why the number of women among our users has seen dramatic growth this year. And do you know what they answered? That the market develops and forms gradually and that it must reach certain values.

First, you need to ask some questions and then draw some conclusions. Our team is confident that in the end, the relationship between men, women, and transgender people among cryptocurrency users will be the same as the relationship on the planet, you know? And I agree with this.

Also reading Ethereum takes a break, as Bitcoin in the spotlight

Waiting for a wider adoption of cryptocurrency

JM: Yes, sure, I understand. That S. sounds very logical! Do you and your team believe that in the future everyone will use cryptocurrencies the same way they use fiat currencies today?

JL: You know, in 2011, it seemed to me that blockchain technology was very similar to the internet in the early 20th century. I saw the prospects and understood that blockchain is the technology of the future on which Web 3.0 will be built and that cryptocurrencies are, at the very least, the new digital gold.

I have not changed my mind on the subject in the last ten years. Many people already use cryptocurrencies every day. Sometimes it is difficult for us to judge whether a cup of coffee is still not sold for cryptocurrency at your local coffee shop, while there is a bank around the corner and various banking apps are installed on your smartphone.

I mean, cryptocurrencies are already replacing money in many regions with limited access to banking services. As stated in our corporate vision, the folks at KuCoin believe that one day everyone will be involved with cryptocurrencies.

Africa as a promising cryptocurrency hub

JM: Well, which regions without sufficient bank coverage do you think are the most promising in terms of development and adoption of the cryptocurrency market in the coming years?

JL: re are still many people in the world who do not have access to banking services. Four years ago they constituted approximately 22.7% of the world’s population. situation has since improved, but the problem has yet to be fully resolved. In some regions, it is easier to access the internet and use cryptocurrencies than to open a bank account. se include the countries of Latin America, Asia, and Africa.

In my opinion, African countries will be the top ten most active players in the market in the coming years. se countries have all the prerequisites and experience that will allow them to avoid repeating the mistakes that have plagued the market for the last decade and making the same mistakes we are seeing now.

JM: What mistakes are you talking about?

JL: re is still a persistent and deeply ingrained belief in Western society that cryptocurrencies are only used for criminal activities. result is excessive market regulation and a relentless flow of bans. Mt.Gox, Silk Road, One Coin, Bitconnect, and all the others of their unfortunate breed are in sight.

After studying these cases, you can understand how not to build a business. use of cryptocurrencies and their integration into the global economy, rather than a total ban on keeping the banking system at the level of the early 2000s, is an opportunity for those countries to quickly become financially sound and reliable.

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Lyu’s wallet

JM: Johnny, you are the CEO of one of the largest cryptocurrency exchanges. I can’t help but ask you this question because the answer will be very interesting for our readers. Do you personally invest in cryptocurrencies? What project cards do you believe in?

JL: Of course, I invest in cryptocurrencies and I believe that cryptocurrencies should be part of the portfolio of every individual who invests and cares about their future. I rarely offer financial advice as I am more of an owner than a regular trader. Most of my wallets are in BTC and our native KCS token, while keeping an eye on trending categories as well.

It makes no sense to focus on a specific project. Instead, the focus should be on economic areas and industries. I love the chain protectors, cross chains, metaverses, and other projects that are pushing the world towards Web 3.0. I must confess that I bought DOGE. It was hard to resist, but it is the only meme token in my wallet.

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