VICTORIA, Seychelle, April 19, 2021 /PRNewswire/ -- April 19, 2021, KuCoin, an IDG-backed crypto exchange, today announced that its native token KuCoin Token (KCS) will get listed on AscendEX with the trading pair KCS/USDT on April 19 at 14:00 (UTC).
AscendEX, formerly known as BitMax, is a crypto exchange that provides crypto-related services to users in 200+ countries and regions. With KCS's listing on AscendEX, the token will experience enhanced liquidity while also enabling more users to participate in the development of the KuCoin ecosystem and profit from the success of KuCoin.
KuCoin Token (KCS) is the underlying asset of the KuCoin exchange. The initial supply of KCS was set at 200 million, and there is a monthly burn plan until only 100 million KCS remain. The latest KCS burn was executed on April 14, in which 160,723 KCS worth 1,983,246 USDT was burnt.
At present, the total supply of KCS is around 169 million with a circulating supply close to 79.28 million. According to CoinMarketCap, KCS now ranks #91 with a market cap of $1.16 billion.
KCS has been integrated into KuCoin products and services in multiple ways. One of the most popular use cases is the KCS bonus. Users who hold at least 6 KCS can get a daily bonus, which comes from 50% of KuCoin's daily trading fee revenue.
KCS can also be used to pay trading fees on KuCoin with a 20% discount. In addition, the use case of KCS includes participation in token sales on KuCoin Spotlight, as well as LockDrop/BurningDrop on the Pool-X platform.
KuCoin Global CEO Johnny Lyu said, "KCS is the backbone of the entire KuCoin ecosystem. Beyond the existing use cases, KCS will also be the underlying fuel and native token of the upcoming KuCoin Community Chain (KCC), as well as KuCoin's decentralized trading solution. Listing on AscendEX is a good start and we will continue to BUIDL around KCS to make it available on more major platforms."
Known as People's Exchange, KuCoin is favored by 8 million global users for various tradable assets, a friendly user experience, and reliable support. It raised $20 million in round A funding from IDG Capital and Matrix Partners in November 2018 and is now the 5th largest crypto exchange on CoinMarketCap.