Voyager

KuCoin, a popular Singapore-based cryptocurrency exchange, recently announced a new Bitcoin (BTC) price guessing competition that will pay out a total of 19 BTC over a 9 day period.

The competition kicked off on Sep 15 and will end on Sep 23. In order to participate, users must sign up on KuCoin and purchase at least 6 KuCoin Shares (KCS), the exchange token that provides daily KCS rewards. From there, users can make one guess per day between 00:00:00 and 23:59:59 (UTC+8) for the highest BTC/USDT price on KuCoin.

The user who has the closest guess will automatically be credited with 1 BTC in their KuCoin account before September 30, and the second place prize of an additional BTC will be distributed to the top 1,000 users that guess the next closest prices.

While these type of events and competitions are undoubtedly entertaining and encourage trading, they exemplify an ongoing trend where major crypto exchanges are beginning to rely on extraneous activities to prompt investor sign-ups and trading activity.

However, these tactics can only go so far, as a drop-off in investor interest, anemic capital flows and reduced trading commission profits are starting to manifest in cutbacks. For instance, San Francisco-based Kraken recently laid off 57 North America-based employees, reducing the exchange’s client services team by 10%.

That being said, centralized crypto exchanges will likely continue to play a pivotal role in the foreseeable future, thus exchange tokens could prove to be a savvy investment moving forward.

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KCS is currently ranked 5th in the AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens.

More: BTC Giveaway! Join KuCoin’s Anniversary Celebration
Similar: Crypto Exchange KuCoin Extends Insider KCS Token Lockup Period

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.

Celsius Network