KuCoin Shares (KCS) tokens held by early ICO buyers and angel investors will need to be held for one more year to decrease supply and further improve the KuCoin exchange ecosystem, the company announced in an emailed statement to Cryptovest.
“As stated in the original KuCoin white paper (see screenshot below), 100 million KCS, held by Angel Investors, Industry Stars and Founders are to be partially unlocked on September 3, 2018. Now, we are happy to announce that we have extended the lock-up period for the tokens held by founders and angel investors,” announced KuCoin in an official newsletter and social media.
KuCoin is one of the most active exchanges, and it uses the KCS token for extra liquidity. KuCoin has been almost as active as Binance in listing up-and-coming digital assets.
KCS has a total supply of around 180 million tokens, and the circulating supply is 90 million tokens. The asset saw relatively low volumes in the past day, at around $240 million. KCS is not involved in all trading pairs, but trades most prominently against Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The asset had a role as a source of seed investment for the KuCoin exchange, but has a lesser role compared to the Binance Coin (BNB) asset, which trades against many altcoins.
KCS traded around $1.44, up 6.4% in the past 24 hours. The levels of KCS have improved as BTC prices recovered toward $6,900. But the biggest long-term promise for the coin is the expectation that exchanges will become even more important in the coming years, which will lead to even higher trading fee revenues. Even with lowered mainstream interest in crypto, trading remains active, and generates robust results for exchange operators. Buying into KCS means buying into the prospect of the KuCoin exchange reaching good trading revenues.
The KuCoin exchange will also start trading TRON (TRX) within hours, in pairings with BTC and ETH. As promised, deposits are already open.