KuCoin Shares Token Surges 13% as Exchange Announces 2.0 Upgrade

KuCoin Shares (KCS), an ERC-20 token issued by the KuCoin cryptocurrency exchange that gives token holders various bonuses and dividends based on the exchange’s performance, has recently seen its price rise over 13% as the company announced its 2.0 upgrade.

According to the recently published announcement, the transition to the 2.0 platform will occur on February 18, at 3 AM EST, and will last approximately 14 hours. It’ll bring in various upgrades, including new order types, more security, and better control.

On the announcement, the price of the cryptocurrency started rising. According to CryptoCompare data, KCS is currently trading at $0.41, meaning its market cap is currently at $74.15 million.

KuCoin Shares' Price Performance

KuCoin’s 2.0 upgrade is set to give its users an advanced API designed to offer an efficient way for them to develop a trading strategy, as well as limit, stop, market, post only, and iceberg orders.

Its fee program is also being changed to be “more attractive,” and to reduce trading fees and improve liquidity. KuCoin is also improving various features to optimize users’ experience on their website, while trying to pull in more through revised rewards in its referral program.

Given the 14-hour upgrade time, KuCoin is asking users to look into their trading strategies to prepare for the event, as they’ll be unable to trade and access their wallets while it’s ongoing. The company has assured, however, that their funds will remain safe.

All funds will remain safe and unaffected throughout the entirety of the upgrade and will not be at risk at any point throughout the update

To avoid large fluctuations in the market, KuCoin will also reverse a 30 minute period to cancel pending orders after the upgrade is complete. The exchange recently made headlines after adding various XRP trading pairs, although it didn’t make the token a quote currency.

Last year, KuCoin notably raised $20 million in its series A funding round, from organizations that included IDG Capital, Matrix Partners, and Neo Global Capital.