KuCoin becomes the leading crypto exchange in social trading
With Facebook choosing the metaverse path for its social media platform, KuCoin, the third-largest crypto exchange, is breaking new ground by offering social media features to its users. Last week, as part of its mobile app expansion plan, KuCoin introduced a range of social trading features and social network elements. The new app section will be called KuCoin S, and it allows users to enjoy novel communication and collaboration opportunities.
The launch of KuCoin S
Since putting crypto into the mainstream is one of the key aspirations for KuCoin, the launch of its new platform is a major step towards this goal. According to Johnny Lyu, the CEO of KuCoin, the move is meant to shift the focus towards interactions between users rather than their interaction with protocols. The KuCoin S platform will provide educational resources and social networking elements that will help new users get into decentralised finance. Speaking with Cointribune, Lyu commented on the launch:
“Most practitioners in the crypto industry were focusing on building better tools to improve the interaction between humans and protocols. Therefore, the lack of interactions between users has led to the increasing educational costs and slow pace of popularization of the industry, hence creating obstacles for mass adoption.”
With KuCoin S, traders will get to use the same features they are accustomed to on social media: making posts, sharing content, leaving comments, and directly messaging others.
New features for social trading
The new features and a revamped user interface make trading easier. KuCoin S users also get the latest market news as well as a feed with potential trading opportunities. The platform will also employ AI-based algorithms to make sure users see tailored content and enjoy a smooth browsing experience while looking for profitable strategies and identifying market narratives. Among other features are unconventional ratings: the top gainer’s portfolio, the weekly top trading volume list and the weekly price change list.
The social trading phenomenon first emerged on Forex markets, characterised by active interaction between traders sharing trading strategies, market trends and portfolios. This kind of peer-to-peer communication often correlates with success, allowing market participants to extract actionable data from others and build their own skills through experience.
The KuCoin S section is currently invite-only, with plans to onboard more users as time goes by. KuCoin plans to send out invitation codes continuously, and make all the features of the new application available to an ever-increasing number of users all throughout the year.
KuCoin has expanded its line of products considerably over the past year, with the most notable releases being KuCoin Spotlight, KuCoin Futures, KuChain, and KuCoin Labs among others. In Q1 2022, KuCoin will update its wallet custody to version 3.0, followed by the Matching Engine 3.0 to further increase the speed and efficiency of trading on the platform.
The exchange now boasts over 8 million users coming from over 200 countries and regions, the latest stats say, making it one of the most visited trading platforms on the market.
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