KuCoin, a major cryptocurrency exchange, announced on Friday that it had introduced new social trading features on its mobile app amid growing demand from clients. According to the press release, the features are compiled in a section named KuCoin S.
“Most practitioners in the crypto industry were focusing on building better tools to improve the interaction between humans and protocols. Therefore, the lack of interactions between users has led to the increasing educational costs and slow pace of popularization of the industry, hence creating obstacles for mass adoption.” Johnny LYU, KuCoin’s CEO, commented. KuCoin users could get the latest crypto news via a feed powered by AI-based algorithms with the new section.
Moreover, users would be able to check new listings, interact with community leaders, discuss trending crypto-related topics, and learn from other traders´ experiences and strategies. “With this release, KuCoin also upgrades the overall UI to better suit the brand-new social feature for Generation Z. The platform took inspiration from the theme of ‘Futurism’ to upgrade its colors, graphics and interface elements. It also integrates the concept of node to the new visual as an indispensable element to the blockchain world. As each node is independent while staying connected, it echoes the social feature that KuCoin introduces,” the company noted in the statement.
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Feature Available for Invite-Only Users So Far
However, KuCoin clarified that social trading features are available for now to invited users, and these invitations will be sent out gradually by the exchange. Moreover, the company expects to open the features publicly by the end of the year.
Recently, KuCoin announced that its Mainland Chinese users must withdraw all their funds and close their accounts by the end of 2021. The company cited the ongoing regulatory environment in the country, which is currently leading a crackdown against the crypto industry. Furthermore, the crypto exchange stated that it had suspended its SMS notification service.