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KuCoin CEO Reveals Future Plans for India!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jul 25, 2022

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Johnny Lyu, CEO of KuCoin, has refuted the rumours around insolvency, layoffs, pausing withdrawals, and exposure to TerraLUNA, by claiming that the company’s financials are stable. Lyu also referred to India as an important market for the company and his plans to invest in the Indian market. He revealed massive growth in the new users in 2022, with Indian users contributing over 1000 per cent. 

Denying The Rumours

After the crash of TerraLUNA in May, the crypto market has seen a rough path and KuCoin was also affected by it. However, the rumours around insolvency, layoffs, and its exposure to LUNA did put the company under fire.  Lyu has denied all the rumours claiming that all the exchanges’ financials are stable. Moreover, the crypto exchange had no exposure to LUNA tokens, 3AC, or Babel. 

In fact, KuCoin has hired 400 new personnel and is currently looking forward to recruiting 300 people in R&D, marketing, business development, and other divisions in 2022. Last week, the company raised $10 million from Susquehanna International Group, one of the top trading firms on Wall Street. 

India, the Emerging Market for KuCoin

Lyu referred to India as a key market for the company as there has been an increase of Indian users by 1251 per cent in the first half of 2022. He announced plans for future investment and infrastructure construction in the Indian market. 

Lyu believes that there are numerous prospects for growth and collaboration in the Indian industry, despite the stringent regulations, crypto tax, and ongoing crypto crisis. Ku COin recorded a growth of 659 per cent as compared to last year and nearly $5.6 million in 2022.

He believes that India is a highly promising market due to its developing crypto landscape and “full of talent” population. 

Due to the widespread usage of cryptocurrencies, he also thinks that taxing them indicates that a nation is getting ready to regulate them. A $50 million Support Plan was unveiled by KuCoin in 2020 to help the Indian blockchain sector. The cryptocurrency exchange has worked with regional cryptocurrency businesses including Bitbns, a local cryptocurrency exchange, and initiatives like Chingari.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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