What Is KuCoin Token?

About KuCoin Token (KCS)

KuCoin token (KCS) is a native token of the crypto exchange called KuCoin. What is more, KCS is an available payment method in other services, for example, the gaming platform PlayGame, the booking site Travala, or even a shop of embroidered apparel and accessories Print-ted.

KCS is an ERC-20 token operating on the Ethereum chain. Interestingly enough, there is a separate KuCoin Community chain. As the name suggests, it was developed by the members of the exchange’s community and is not officially associated with it, even though, KuCoin supported the Network Upgrade in June 2022.

The project plans to develop a trading platform with KCS at the heart of it and create a whole ecosystem. At the moment, the team is working on increasing the level of decentralization.

The opportunity to stake KCS and get rewards is often regarded as the main advantage of purchasing the tokens: every day 50% of the exchange’s trading revenue is allocated between holders of 6 and more KCS.

The team tries to fight the inflation of the token: they regularly execute the so-called KCS Burn. Starting in January 2022, the company applies 10% of the net profit to buy some of the tokens back and burn them every month (previously, they did it quarterly). KCS’s total supply is 200 mln, and the procedure of buying the tokens back will take place until 100 mln are left.

Where did KuCoin Token (KCS) come from?

KuCoin was created in May 2017 by Michael Gan and Eric Don, two tech geeks as they called themselves, in Singapore. They were early blockchain adopters and started mining BTC in 2012. The founders of the company say they started coding their future product back in 2013 while sitting in a cafe.

At the moment the company is working towards creating a comprehensive ecosystem.

What are the advantages of KuCoin Token (KCS)?

1. Those users who hold KCS receive incentives, and the threshold for receiving them is not very high, 6 KCS. 
2. It is used in various ways, not only inside the exchange but also in other services.
3. There is a strong and active community.

What are the disadvantages of KuCoin Token (KCS)?

1. KuCoin is not licensed in the USA, so American users might experience some limitations.

How to buy KuCoin Token (KCS)?

If you are planning to get some KCS tokens, using SimpleSwap is a great solution. Simply visit our homepage and follow these instructions:

1. Choose the currency you want to exchange (e.g. BTC). Enter the amount you would like to swap.
2. Select KCS in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. KCS will be sent to this address. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange. Then wait for KCS tokens to reach your wallet.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.