On December 19, 2019, KuCoin, an IDG-backed crypto exchange, announced that it will add KCS as the platform’s newest margin asset, supporting KCS/USDT trading pair with up to 10x leverage.
As a popular feature on KuCoin, margin trading allows users to borrow more tokens by pledging a few tokens to make a long (buy) or short (sell) operation, so as to leverage a large number of funds using a smaller amount to earn more profits. Prior to KCS, KuCoin margin trading has supported Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT), EOS and Litecoin (LTC) across 12 asset pairs in late October.
Michael Gan, CEO at KuCoin said: “As our native token, KCS is the backbone of almost every service of KuCoin, and it is also one of the most frequently-traded digital assets on KuCoin.com. Margin trading for KCS is a very important move as it will throw more light on this token and enable thousands of existing and potential KCS holders to implement more advanced trading strategies, resulting in more profits.”
Along with the new KCS/USDT margin pair, KuCoin will launch an ultra-low interest borrowing activity from December 19 to 23, 2019. 1,000,000 USDT will be provided by the exchange for users to borrow with a daily interest rate of 0.01%, equivalent to 3.7% annualized rate, while the rate is often close to 10% on most other crypto platforms. The lending funds will be available at 18:00 (UTC+8) every day and offered on a first-come, first-served basis.