NewsletterBreaking: KuCoin CEO Plans Big In This Country, Denies All Rumors
KuCoin CEO Johnny Lyu in a conversation today said India is an important market for the company and plans future investment and infrastructure construction in the Indian market. He also revealed massive growth in new users in 2022, with Indian users contributing over 1000% in growth.
Johnny Lyu refutes all rumors including insolvency and pausing withdrawals, layoffs, and exposure to Terra LUNA.
KuCoin CEO Johnny Lyu Refers India as Key Market
In a conversation with a local news media on July 25, KuCoin CEO Johnny Lyu refers to India as a key market for the company as the Indian users have increased by 1251% in the first half of 2022. Moreover, KuCoin’s CEO announced plans for future investment and infrastructure construction in the Indian market.
Despite the regulatory tightening, crypto tax in India, and the ongoing crypto crisis, KuCoin CEO Lyu sees huge growth and collaboration opportunities in the Indian market. KuCoin recorded nearly 5.6 million in 2022, a 659% growth as compared to the same period last year.
“No matter what the current condition is, as a trading platform which is about to be five years old, we are looking at the future. I believe that through the future investment and infrastructure construction of KuCoin in the Indian market the growth of the Indian market is worth looking forward to.”
KuCoin CEO believes India’s developing crypto landscape and “full of talent” makes the country an essentially prospective market. He also believes crypto taxation is a sign of a country preparing for crypto regulation due to massive crypto adoption.
In 2020, KuCoin introduced a $50 million Support Plan to boost the Indian blockchain industry. The crypto exchange has collaborated with local crypto companies such as local crypto exchange Bitbns and projects like Chingari.
Johnny Lyu Refutes All Rumors
Recent times have been tough for the crypto market, and KuCoin has also been impacted. However, the rumors surrounding insolvency, layoffs, and exposure to Terra-LUNA have pulled the company under fire.
KuCoin CEO Johnny Lyu has refuted all rumors claiming the exchange’s financials are stable. Moreover, the crypto exchange has no exposure to Terra tokens, 3AC, or Babel. In fact, KuCoin has added 400 talents in 2022 and is currently hiring over 300 employees in R&D, marketing, business development, and other departments.
The crypto exchange last week raised $10 million from Susquehanna International Group, one of Wall Street’s largest trading firms. He said KuCoin will take action against people spreading rumors.
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