Crypto Exchange KuCoin Extends Insider KCS Token Lockup Period


KuCoin, a Singapore-based cryptocurrency exchange, announced this week that it will be extending its white paper KCS token lock-up period for an additional year.

According to the announcement, the 100 million KCS that are held by angel investors, industry figures and founders was originally planned to be partially unlocked on September 3, 2018¬†— as outlined in the exchange’s white paper. Now, these tokens will remain locked for an additional year, until September 2, 2019.

The decision suggests KuCoin insiders see significantly more value in the exchange and its¬†profit-sharing tokens than the current price. Liquidating tokens¬†would likely¬†only¬†add to rumors that the exchange may¬†not be fully legitimate, which¬†KuCoin¬†attempted to dispell in a recent statement. Additionally, the lock-up extension¬†should have a similar effect on the token’s price¬†as a coin burn or¬†buyback.

KuCoin also notes that the total amount of the locked tokens was reduced from 100 to 90 million after distributing 10 million tokens to participants of its ICO. This wallet is publicly available for tracking and can be found here.

KCS currently has a market cap of $140 million and is ranked 5th in the AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens.

More: KuCoin to Extend Founders’ and Angel Investors’ Token Lock-Up Period for an Additional Year

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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