KuCoin CEO Johnny Lyu said in a speech today that India is an important market for the company and future investments and infrastructure constructions are planned in the Indian market.
He also announced a huge growth in new users in 2022, with Indian users contributing over 1000% to the growth.
Johnny Lyu denies all the rumors, including bankruptcy and suspension of withdrawals, layoffs and exposure to Terra LUNA.
KuCoin CEO Johnny Lyu Says India Is A Critical Market
KuCoin CEO Johnny Lyu stated in a conversation with a local news channel on July 25 that India is a key market for the company as Indian users increased by 1251% in the first half of 2022. In addition, the company CEO announced future investment and infrastructure construction plans in the Indian market.
Despite the toughening of regulatory bodies, the crypto tax in India and the ongoing crypto crisis, KuCoin CEO Lyu sees huge growth and collaboration opportunities in the Indian market. The exchange registered approximately 5.6 million new users in the country in 2022, a growth of 659% compared to the same period last year.
Cryptocurrency In the continuation of his speech, the CEO of the stock exchange stated:
“Whatever the current situation, we look to the future as a trading platform that is about to turn five years old. I believe the growth of the Indian market is worth looking forward to, thanks to KuCoin’s future investments and infrastructure building in the Indian market.”
The company CEO believes that India’s thriving crypto landscape and “talent-filled” make the country essentially a potential market. He also believes that crypto taxation is a sign of a country preparing for crypto regulation due to mass crypto adoption.
*Not investment advice.