Recap of AMA Series #10: Crypto OLALA x Kucoin with the attending of Mr. Johnny Lyu— Co-founder and CEO of the Kucoin Exchange.

On April 28th 2020, Kucoin team and Crypto OLALA group organize an AMA to make the community members know more about Kucoin and KuCoin’s activitie. Here is recap of it:

SEGMENT 1: INTRODUCE AND QUESTION FROM OLALA TEAM

Moderator Mark asked somequestions, then Mr. Johnny Lyu— CEO of Kucoin answered. At this Session, the chat function was muted for members, except for admins & Kucoin team.

Moderator Mark
Hello everyone
Im Mark — Admin of Crypto Olala- Moderator of today AMA

Going back to the AMA Program series #10 of Crypto Olala. Today we have invited here a very popular and well-known trading exchange

It is Kucoin Exchange

Not for everyone to wait too long, let’s welcome the guest today :
Mr. Johnny Lyu @johnlkj , Co-founder and CEO of KuCoin

Welcome Mr. Johhny Lyu to Crypto Olala

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

This is Johnny Lyu from KuCoin exchange. About 2 years ago, I joined KuCoin as the co-founder, with the goal of creating a super secure and easy-to-use exchang. And I used to be in charge of BD, listing, investment at KuCoin.

With the adjustment of the company structure, I take over the position of CEO of KuCoin Global, and in charge of KuCoin, KuMEX, Pool-X and other products.

Moderator Mark

Question 1: With the ban lifting on crypto, India seem to be potential market with over 1 billion population, this piece of cake is declious and sweet. How will Kucoin focus on to expand its business in this market while WazirX and Binance just launch $50M “Blockchain for India” fund?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

In order to respond to the positive news of the Indian crypto ban lift and broaden the international market, KuCoin has launched a $50 million support plan to boost the development of the Indian blockchain industry in the first. you can find details about this program in our official announcement:

Absolutely. Many people believe that Blockchain will be the next transformative technology after the Internet, and all countries compete on the same starting line. This will be an opportunity for developing countries like India, and whoever opens its door to blockchain and crypto first will definitely benefit from it. We sincerely invite all Indian partners who are interested in the blockchain and crypto business to work with KuCoin.

Moderator Mark

Question 2: What are the highlights that attract users of KuCoin?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

You know, KuCoin is not just a spot exchange, we have developed into a comprehensive finance service provider offering fiat-to-crypto, crypto-to-crypto, futures, staking, lending, token sale and more.

KuCoin, KuMEX and Pool-X are the three main products for us at the moment and I think each product has some competitive advantages.

Let’s start with KuCoin. KuCoin has listed over 200 promising projects and it offers up to 10x leverage on margin trading. And the platform is highly secure and stable. When the market fluctuates dramatically, our system always handles it well.

Some of you may have concerns regarding the liquidity at KuCoin, actually for most major coins like BTC or ETH, the liquidity is pretty good on KuCoin. Take BTC/USDT for instance, the spread is only 0.1 USDT for most of the time. You can easily buy 1 or more BTC on KuCoin without affecting the spot price much.

For example, the spread is 0.1 USDT for BTC/USDT pair now.

More interestingly, KuCoin is the only two exchanges that support Level 3 data push, most exchanges only support Level 2. With Level 3, you will be able to check every single trade on KuCoin, which means the platform is 100% transparent. You can explore more about KuCoin at: bit.ly/KuCoinSpot

For KuMEX, our futures trading platform, it has a fairer index price, leading to a better mechanism to protect users’ positions.

For instance, last September, BTC price dumped over $1000 in a single day, during this dump, the lowest index price on KuMEX is 8114 while it is 7856 on another futures platform, which means for the positions whose liquidation price is between 7856 and 8114, your position will be liquidated on other platform while not on KuMEX. If you haven’t traded on KuMEX, you should take a look at it: bit.ly/KuCoinFutures

Pool-X is another key product we are gonna promote this year, not sure how many of you are interested in staking. Pool-X is the next generation of PoS mining pool and it introduced the world’s first liquidity trading market, allowing users to trade staking assets, enjoying a higher level of liquidity. Don’t know if there are POL (the native token of Pool-X) holders here, the coin has already listed on KuCoin now! Pool-X website: bit.ly/Pool-XStaking

We think the products developed by us could better satisfy crypto traders’ needs and that help us obtain competitive advantages in the market from a long-term view.

Moderator Mark

Question 3: As i know, POL is listed on Kucoin. So, as a token for Proof of Liquidity, which price mechanism does it have while liquidity of major PoS tokens will increase a lot when having a huge pump-dump?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

First, you can get POL through LockDrop, staking your PoS token on Pool-X or buying in KuCoin. And different from other PoS mining pools, you can enjoy double the amount of rewards by staking on Pool-X, the staking rewards as the project token and POL.

We now offer both staking and soft staking services, and have supported more than 30 tokens like EOS
, ATOM, TRX and more.

After the listing, many people are interested in the price of POL. In general, the price of POL will be determined by the market. While as the native token on Pool-X, POL could work as the transaction media of the liquidity trading market, allowing users to trade their staking assets with unstaked counterparts, so its price will also be affected by the fluctuation of major PoS tokens. Take ATOM as an example, if the price of ATOM pumps or dumps heavily, more people will have the need to unstake their ATOM and trade in the spot market, and if they want to unstake, POL will be used in the liquidity market, as a result, the demand of POL will increase along with the fluctuations of the ATOM token price, leading to the rise of POL’s price. It is also the case for other PoS tokens like TRX, EOS or ETH in the future.

Moderator Mark

Question 4: How does Kucoin evaluate potential of Viet Nam crypto market? Does your team have a strategy for this young but potential market in the future?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

We see blockchain as a huge opportunity for countries like Vietnam. In this country, the economy is booming and it also has one of the youngest labor forces. We are happy to see that many young people are very interested in crypto and many are still willing to invest even if they don’t know much about the digital market. This can be both good and bad. So globally we are working with partners like MouseBelt, NewsCrypto to implement crypto educational campaigns, encouraging more people to know more about crypto so that they could make better investment decisions.

And in order to be more localized in the Vietnamese market, we have formed a Vietnamese community with local community manager. https://t.me/kucoinvietnameseofficial

As a global exchange, we have supported multiple languages and fiats, and Vietnamese & VND have been supported very early, as Vietnam is always our top country. We had a few very successful offline events in Vietnam last year, and I hope we can have more meetups in Vietnam in the future. As the first batch of exchanges to enter Vietnam, we are so very happy to see the popularization of crypto in Vietnam.

Moderator Mark

I learned that Kucoin has organized many meetups in the Vietnamese market. This can be seen that Vietnam is really a very important of Kucoin market

Segment 2: Free Q & A between the community and Kucoin .
Community members will conduct questions for Mr. Johhny Lyu . Group will proceed to open chat in 1 minutes . We have 2 round . Mr. Johhny Lyu will answer questions from the community

Question 1: Beside KumeX and Soft Staking, what can we expect from the team to release in 2020?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

In the part several months of 2020, We have some achivements such as USDT-margin futures on KuMEX, Pool-X’s native token POL listed on KuCoin, etc. In the coming months, we will have many new products and services, such as KuChain and KuDEX. All of the products will enrich the KuCoin ecosystem. So, stay tuned!

Question 2: What is your background and how did you come to the idea to create KCS project?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

I’ve told this story in other communities before, but still it’s a very interesting story to share again. It is Michael who led me to the crypto world. We are high school classmates. Michael used to be a Bitcoin miner and a user of Mt.Gox. He bought around 1000 BTC at the price of $10. And all these BTC went away with Mt.Gox. Actually that is one reason why we wanted to create a cryoto exchange that is super easy-to-use and secure, and that’s why we created KuCoin.

Question 3: What is Ku group?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

With the expansion of KuCoin’s services and ecosystem, we decided to adjust the company structure and establish KuGroup, which consists of three business groups, namely KuCoin Global, KuCloud, and the KuChain & KCS Business Group.

Question 4: Yesterday, there is bug on an exchange. That this bug can change of original token to another coin. What do you think about this? Are kucoin is safe enough from bug?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

Thank for pointing out the question related to bugs problem. Actually, bugs problem are very common in all internet companies. Our dev team will deal with lots of bugs everyday. But we will pay special attention to the bugs related to funds security, and even if there are such bug problems happening, we have other backup mechanism to handle. So, I think no need to worry too much.

Question 5: What are the advantages of doing KYC of Kucoin?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

First, we leave the choice whether or not to do the KYC to the customers. It’s totaly up to the users. Secondly, after completing the KYC process, you can have higher quota of withdrawal amount, and whenever there are some problems happening with your account, we can better help you to solve.

Question 6: Will KuMex add more coins? Like ETH, EOS, BCH and others?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

Yes of course, the KuMEX team is working hard on this, and you can expect KuMEX to launch more trading pairs in addition to BTC in next month.

Question 7: Tell us about KCS? What will it be used for?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

KCS is the native token of KuCoin and will be the native token for KuChain as well. You can now use it to get trading fee discount, participate in Spotlight and get daily bonus. We are also implementing a quarterly burn to reduce the total supply of KCS. The 10th KCS burn has just finished and in total, nearly 11% circulating KCS have been burnt. Just keep in mind, KCS is the core of everything at KuCoin, if KuCoin could continue to grow, KCS will be benefited

Question 8: When kcs list in other market?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

Currently KCS has been listed in 4 exchanges. We’ve been in contact with many major exchanges to further enhance the liquidity of KCS

Question 9: I have a few questions about the team, how many developers are working on the project?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

Oh, we have nearly 300 people globally, excluding Community managers and promotion ambassadors. About 50% at KuCoin are devs, and I would say we are a quite tech-driven company. We develop almost all infrastructure on our own, so as to ensure its stability and security

Question 10: How work the Kucoin people in quarantine?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

Good question. We use many online tools to keep in touch and make sure everything is on the right track. Zoom, telegram, teambition are some of them. In general the virus doesn’t affect us much and I hope all of you could try stay home and keep distance, keep safe please!

Question 11: Does KUCOIN have plans for buyback and lock-up of tokens and community tasks/activities to raise awareness and bring mass adoption?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

We will introduce a brand-new referral program in early May and it’s really interesting and profitable, pls stay tuned please

Question 12: What is your business model? Who are your potential customers and which markets are you targeting on?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

Currently we get most earnings from KuCoin spot platform while we see positive growth on KuMEX and Pool-X. We have a quite global user base (5M users from over 200 countries and regions) and we are targeting many major markets including Vietnam at the same time.

Question 13: Could you explain what is the VIP level on kucoin exchange?
What is the requirements to be VIP user?
And what is the benefit?

Mr. Johnny Lyu- Co-founder and CEO of Kucoin

VIP could enjoy lots of benefits like 1–1 service, trading fee discount and more. If you trade a lot or hold lots of KCS, you may contact Alicia, the head of our VIP team.

Thank you guys for your time today. I have to go as another meeting is waiting for me

Moderator Mark

Thank you Mr. Johnny Lyu ,Co-founder and CEO of KuCoin and VP Kucoin Team for taking the time to attend the AMA with Crypto OLALA.
Hope your Kucoin will be more successful in the future.

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