60% of KuCoin Africa Users Now Venturing into Spot Trading

While the majority of African users on the platform are interested in spot trading, which according to the CEO accounts for 60% of all Kucoin product usage, margin trading is also quickly gaining traction among that segment of Kucoin users.

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Africa crypto users have developed a reputation for relying on cryptocurrencies to get around three key problems that are unique to the continent.

These include:

  • To get around costly currency exchange for trade across countries
  • To send remittances
  • To store the value of their investments
  • To grow the value of their investments as crypto prices continue to rise

However, according to Kucoin CEO, Johnny Lyu, African crypto users on the global crypto exchange are now showcasing maturity in terms of their crypto uses.

While the majority of Africa users on the platform are interested in spot trading, which according to the CEO has recorded 60% usage out of all KuCoin products, margin trading is also fast being embraced by that segment of KuCoin users.

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SEE ALSOHow AJE is Building Africa’s First Utility MetaVerse

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According to data that Lyu revealed, usage of margin trading rose by 143% in October 2021, compared to August 2021, in Africa.

African users are also interested in a diverse range of coins on the KuCoin platform, besides the traditional ones like Bitcoin and Ethereum.

Here are some of the leading coins for Africans:

Some of the tokens like DREAMS and BLOK are native tokens for emerging crypto and blockchain verticals such as GameFi, NFT, and Metaverse, which are of interest to many Africans.

Lyu is a big proponent of the idea of a metaverse thinks that developing countries stand to gain the most from the emerging blockchain and crypto industry.

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RECOMMENDED READING: African NFT Marketplace, MUDA, to Launch an NFT Collection of Over 15,000 African-Inspired Art Pieces

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