The present state of the cryptocurrency market is one surrounded by bears. Nonetheless, Johnny Lyu, CEO of KuCoin had a special method associated to the matter.
The CEO was extraordinarily optimistic in regards to the progress of the business, particularly the Indian market. He even exclaimed India to be a “crucial marketplace for KuCoin.”
Moreover, in line with an interview given by Lyu to a local news media outlet, the group added roughly 5.6 million new customers within the first half of 2022, a 659% progress of their buyer base.
The CEO claimed that Indian purchasers surged by 1,251% as in comparison with the primary half of 2021, and that India accounted for almost all of the aforementioned quantity.
India as a key marketplace for progress
Within the first half of 2022, KuCoin added an “huge quantity” of recent prospects from India. Moreover, the cryptocurrency buying and selling platform has employed locals and in addition supported and sponsored numerous initiatives available in the market.
That being stated, Johnny Lyu disregarded experiences that KuCoin would collapse owing to a scarcity of asset backing, much like different failed cryptocurrency corporations like Celsius and Vauld.
Lyu, nevertheless, had a robust message for individuals who promote unfounded tales. In response to him, these people ought to be held accountable for the destruction they’ve prompted. He additional added,
“The accountability mechanism throughout the Net 2.0 interval isn’t mature sufficient and the prices of spreading rumors are very low.”
He continued by saying that the surroundings of Net 3.0 will strengthen the traceability of rumors and the suitable penalty for such crimes.
Moreover, addressing the problem of the Indian authorities levying tax deducted at supply (TDS) on cryptocurrency transactions, he acknowledged that this may very well be a step in the direction of the regulation of the digital asset market. He additionally famous,
“It doesn’t matter what the current scenario is, as a buying and selling platform which is about to be 5 years outdated, we’re on the lookout for the longer term. I think about that through the long term funding and infrastructure growth of KuCoin throughout the Indian market the enlargement of the Indian market is value trying ahead to.”
The KuCoin CEO additional denied any claims of a decline within the cryptocurrency shopping for and promoting quantity within the nation.
Quite the opposite, Jonny Lyu solely had a constructive mindset almost about the Indian taxation coverage and the Indian authorities’s capability for bringing some laws to the unregulated sector.