The Social World Meets Crypto Trading With Social Trading Apps
An offshoot of one of the most popular crypto trading platforms in the industry, KuCoin S will act as its social arm as well as a place where crypto lovers can interact
If there is one place where cryptocurrency discourse thrives, it is across social media. From predictions about the future prices of various tokens to the politics within the industry, crypto fans are a passionate bunch, especially across social media. At the same time, the industry is at a disadvantage in that a lot of this discussion takes place on platforms that are removed from the platforms where trading takes place.
It is one thing to debate the pros and cons of investing in a token but usually, the platform where you actually trade the tokens is separate and the community interaction is limited or non-existent there.
This is where KuCoin S comes in. An offshoot of one of the most popular crypto trading platforms in the industry, KuCoin S will act as its social arm as well as a place where crypto lovers can interact as they do on other social media apps, but with a focus on crypto discussions.
In a world where there are social media apps for everything from short videos to pictures, the KuCoin team believes that a dedicated social platform for crypto offers a world of benefits that goes beyond just trading. I got the chance to talk to Johnny Lyu about this and uncover some of the newest details regarding the future platform.
According to Lyu, the idea was literally up in the air, as it seemed so obvious to all the members of the KuCoin team. Therefore, when development started, everyone knew what to do and had a clear vision of the final product.
"There was a time when internet users could not interact with each other. Today, users of cryptocurrency exchanges also have no way of interacting. The introduction of social features is an innovation from KuCoin," said Johnny Lyu. In his opinion, social functions and social interaction are what distinguish single-player projects from multiplayer projects. Cryptocurrency trading was also much like a game with asynchronous gameplay, but it has since evolved into a sort of "battle royal". "It's no secret that when one trader makes money, another loses some. But it is extremely unfair to deprive traders of the opportunity to communicate and we mean to correct this situation," added Lyu.
While the biggest emphasis is on the social aspect, users will also be able to make trades from KuCoin S. By clicking "buy' on a specific token and entering the amount, they can buy the token directly. Considering the discussions that will be had regarding different tokens, this sort of feature helps users take action on the information they will receive.
This has already proven popular on trading apps like eToro but now, the crypto industry is getting one of its own.
"Leading digital banks with classic investments have had separate investment applications for several years with support for all the functions needed for social trading. Although we are becoming the first cryptocurrency exchange in this regard, we are building on proven mechanics. Everything that's new still needs to be tested and retested, but we will have everything ready from the get-go," Lyu said. He also cited an interesting fact that one of the leading mobile banks in Russia was able to increase the size of its audience fivefold precisely thanks to the introduction of social trading functions.
Lyu believes that social features will allow thousands of users to implement their own investment ideas on KuCoin on a daily basis. They will be able to make predictions, analyze markets, and discuss prominent trading strategies with other members of the community. "We believe that while there are many other resources on the internet where you can talk about finance, only a few of them can offer such a unique and reliable social network," he said.
Use of the platform will kick off from October 22, 2021, with 500 invitations being given out each day. Testing will run until the final version, which will be improved upon after user feedback, is launched on the main KuCoin app later this year. The KuCoin team is hoping that this will change the way crypto buyers interact with the industry and with each other.
All About KuCoin S
Moving forward, KuCoin users will be invited to test an initial version of the platform before it officially rolls out on the KuCoin app. By receiving an invitation code and also being allowed to invite up to three friends, KuCoin users can enjoy its range of features.
One of these is a dedicated news feed. Within the global news industry, there is the issue of fake news being peddled all over and for the crypto industry, unverified news can cause severe consequences. The KuCoin S newsfeed will feature only verified crypto news including project launches, token listings, and so on.
The KuCoin team ensured the inclusion of the newsfeed to both combat fake news and drive conversations. Johnny's vision is that the feed should include reputable sources of information and spare the user from opening multiple tabs in the morning to read the latest news. "This is really important and we want to provide our users with a selection of relevant news without censorship and without fakes, because often it is the news that nudges operations with cryptocurrencies."
Then there are the traditional social media features such as being able to like and comment on stores. Users can also add a token to their watchlist or portfolio and converse back and forth with others. This means that a community can be fostered around cryptocurrency by like-minded people, something the industry needs at the moment. While describing this functionality, Johnny well noted that a community of even a coin with a small-cap can now easily form up and become a force to be reckoned with, as did WallStreatBets.
Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.