KuCoin CEO on What's Next for the Exchange

The KuCoin cryptocurrency exchange, launched in 2017 and registered in the Republic of Seychelles, currently has more than 20 million users and ranks fifth in the rating of its peers, trailing closely behind giants such as Binance and Сoinbase, as well as the FTX and Kraken exchanges. Chances are that KuCoin can outpace its competitors by the end of the current year.

KuCoin was founded by a team of like-minded people who implemented their vision of the ideal cryptocurrency exchange. The products they developed are used by many members of the cryptocurrency community around the world. Under Johnny Lyu’s leadership, KuCoin continues to adhere to the policy of being the “people’s exchange” – a strategy that is bearing its fruit, as the number of users is growing, turnover is on the rise and business processes are improving. I talked with KuCoin CEO Johnny Lyu at the exchange's anniversary party on September 27 in Singapore.

How do you feel and what is it like to be at the helm of KuCoin?

It’s truly a magical feeling! These last five years are living testimony of our reliability and safety. The team and I are overwhelmed with a genuine sense of pride. Happy Anniversary to all users of KuCoin and our employees! We are in the top five, over 700 cryptocurrencies are listed on the exchange and we have 20 million users, one million of whom have been with us since the first year of KuCoin operation.

Did you realize back then in 2017 that you were founding an exchange that would become one of the world’s most famous cryptocurrency exchanges?

We bore no intentions of world domination, popularity or wealth. We were just passionate about the process, and there was so much work that we did not even have the time to dream and fantasize. We were focused on building an exchange for all classes of investors that would be user-friendly, reliable and meet users’ needs and protect their interests.

I remember how we all gathered at the office together around the same table on a simple matter that should not have taken up more than an hour, but left the office 36 hours later. We couldn’t stop. To this day, we love that pioneering feeling that comes when you can’t just open a manual, read some forum or call a friend to solve a problem. You have no choice but to “invent it from scratch.”

There is talk nowadays in various circles about crunches and work-life balance. 36 hours is really a lot and is likely to evoke criticism rather than admiration.

You are absolutely right. Juggling between personal life and work is very important, and crunches, in my opinion, are the result of an oversight on the part of management, but it indeed accelerated the pace of our development. It is because of the enthusiasm and passion of the start-up team that KuCoin reached 100,000 users on Dec. 21, 2017, and one million users on Jan. 13, 2018. The media is constantly writing about crunches in the gaming industry, but the situation is even worse in the cryptocurrency sector. We are no longer a startup, but KuCoin is conveying its experience to young teams on how to avoid crunches.

Such a fast-paced rhythm of work is exhausting and leads to professional burnout. I am opposed to such practices and I limit myself and my team members in the number of working hours. However, it is important to understand that there are no limits for enthusiastic people and, sometimes, you have to send people on vacation by force, depriving them of access to the “working environment.”

How did you manage to avoid cutbacks during the crypto winter?

The significance of the crypto winter is greatly exaggerated. We have been in the cryptocurrency industry for several years, we are ready for market volatility, and we know how to deal with it. The topic of our fifth anniversary will be  “The change is happening.” Since the establishment of KuCoin, we have been always ready to make the change and embrace more changes. Because of daring to change, we built a platform for all classes of investors. Because of daring to change, we serve our users as people’s exchange. Finally, because of the dare to change, cryptocurrencies were born. Maintaining the belief to build for change, we could face the market volatility calmly. As for the changing market, even despite the bear market, which will surely be followed by the bull one, we are still steadily moving forward and continuously optimizing and enriching our various products and services. 

What’s next for KuCoin? What are some of the priority vectors of activity that you can tell us about?

Protecting the interests of our users around the world who want to buy and sell cryptocurrencies, invest and trade is our top priority. This is what we started with five years ago and this is what we will keep on doing.

In today’s difficult geopolitical environment, we are fighting for equality and freedom without much regard to positioning in ratings and listings. We have to work even harder now, just like in the very first year of our existence. Given that the operational environment and related regulations are changing daily, our experts are finalizing a flexible strategy that meets current realities, one that will allow us to move forward and continue upholding KuCoin’s status of a “people’s exchange.”

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Leadership