Cryptocurrency exchanges are still raking in profits as we speak. KuCoin, a very popular altcoin exchange, recently posted $7.6m profit in Q1 2018. As a result, the company also burned over 300,000 KuCoin Shares after a buyback. A very positive development for this company. It also shows the demand for cryptocurrency trading isn’t slowing down.
KuCoin is one of the bigger altcoin trading platforms, While not on the same level as Binance, the company is quite popular. Their “lack” of KYC verification has attracted a lot of attention over the past year. As such, it is not surprising to see the company post a healthy profit during Q1 of 2018.
KuCoin Posts a Healthy Profit
More specifically, KuCoin netted a profit of $7.6m. That is more than respectable for a cryptocurrency exchange people won’t use for fiat currency-related transactions. Even so, it seems the company’s infrastructure pleases a lot of people. This may alsKuCoin o have something to do with the native KuCoin Shares issued some time ago.
Speaking of these shares, the company bought back for 300,000 KCS this week. They spent 10% of their quarterly profit to do so. All of the repurchased shares are burnt by sending them to an expandable wallet address. This helps reduce the overall supply and also lets early investors make some money in the process.
Even though KuCoin is financially healthy, there is room for improvements. Users have been complaining about their lack of customer support. One can only hope the company will direct some of their quarterly profits to step up in that department. The cryptocurrency ecosystem looks pretty healthy, judging by these numbers.
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