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KuCoin CEO Johnny Lyu explains why he thinks India is still a big market despite regulatory hurdles.
KuCoin Focuses on India Market Despite Regulatory Barriers
Despite the bear market status of cryptocurrencies, Johnny Lyu – KuCoin CEO expressed a rather confident attitude about India. He said the South Asian country remains the company’s “key potential market”.
Sharing with a local media reporter, Lyu revealed that KuCoin has attracted about 5.6 million new customers in the first half of 2022 alone. The business recorded a growth of up to 659%.
Lyu emphasized that the majority of contribution to this metric comes from India, as the proportion of Indian nationals customers increased by 1251% year-on-year in 2021.
In fact, the Indian government has always shown uncertainty for cryptocurrencies and investors. Not only imposing a heavy tax rate, up to 30% on crypto transactions, the Ministry of Finance of the country also imposed an additional 1% TDS.
This move has seen many crypto companies and investors decide to leave India. However, KuCoin CEO Mr. Lyu holds the opposite view. Lyu is confident of KuCoin’s motives in the Indian crypto market, which has full expertise.
“It doesn’t matter what the current situation is, as a buying and selling platform five years ago, we are trying to see the future. I think through long-term funding and growing the base. infrastructure of KuCoin in the Indian market, the expansion of the Indian market is being attempted first.” – he said.
In the past, KuCoin has launched a $50 million Help Plan to promote blockchain commerce in India. The exchange has also joined hands with local crypto ventures and recruited qualified people to work.
Lyu also denied that India’s crypto buying and selling volume is declining as Indian crypto investors look to exit. In addition, the CEO also expressed constructive criticism with India’s tax policy and affirmed that by imposing taxes, the Indian government is demonstrating its ability to regulate.
Kucoin denies default rumors
On July 2, suddenly a rumor about the possibility of Kucoin defaulting caused a stir in the community. After the Twitter account has a name @otteroooo Posting articles speculating that KuCoin will be like Celsius and 3AC, KuCoin has suffered a rather high drawdown.
Johnny Lyu, the CEO of KuCoin, immediately denied this information, citing that the company did not have any “close contact” with Terra or 3AC to reassure users.
Account’s post @otteroooo was later deleted.
In addition, last week, KuCoin announced it raised 10 million USD from a quantitative trading company Susquehanna International Group. With the intention of using this capital to upgrade infrastructure, improve products and incubate crypto startups, the “malicious” rumor about KuCoin seems to be aimed solely at making the market. more panic.
In the midst of a bloodbath in crypto-fear and recession, major crypto exchanges like Coinbase, Vauld, and Celsius have had to cut their staff. Meanwhile, KuCoin is constantly recruiting new employees while the platform is in the expansion phase.
“By engaging the team, KuCoin has integrated 400 skills in H1 and is recruiting about 300 personnel with skills in R&D, advertising and marketing, business improvement and various guidelines to carry out the improvement. up.” Johnny Lyu said.
The KuCoin CEO also expects that the harsh market conditions in cryptocurrencies will “eliminate” weak corporations and buyers. He believes that “crypto companies that can emerge from a market downturn are the new specialist innovators.”
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