Cryptocurrencies have proliferated worldwide as a result of their wide array of use cases, with important distinctions developing between developed and emerging market situations.
After a keynote speech during the second day of Blockchain Economy Istanbul in Turkey, Yu Liao, who heads up KuCoin Labs at KuCoin, addressed the topic. In an interview, Yu discussed her work with a range of projects and businesses all around the world as well as the primary and secondary markets’ key distinctions.
Given that it includes, invests, and supports a wide range of cryptocurrency and blockchain-focused projects, Kucoin is well positioned to shed light on the trading practices and tendencies as well as the progress in the industry. It operates in over 200 countries around the world and has an advantage over other exchanges because it lists, invests, and supports various cryptocurrency and blockchain initiatives.
While there is a lot of capital in the market, trading communities are especially powerful in developing nations, says Yu. Despite having greater amounts of cash, developed markets are less active than emerging ones, which highlights how important these groups can be. While cryptocurrencies are commonly used in these economies, projects from these areas should aim their services at local markets.
Blockchain’s potential to address specialized difficulties in developing nations has been a major theme at Blockchain Economy Istanbul, where Yu also sees industry-changing projects emerging from developing countries.
The head of the KuCoin Labs organization stated that developed markets like Europe and the United States are more likely to utilize blockchain only for cryptocurrencies. Meanwhile, developing countries are leveraging blockchain technology not just to use and trade cryptocurrencies, but also to create solutions for difficult issues.
According to Yu, developing nations require the fundamental infrastructure in Web3 to address issues that Web2 can’t solve. According to her, the majority of the KuCoin Labs portfolio is composed of projects from wealthy nations.
The ventures that do originate from developing countries aren’t concerned with delivering their product or service to their local market; instead, they’re interested in addressing and serving the broader cryptocurrency community.
Yu stressed the importance of connecting the ecosystem, which is why he said that the incubator has been working with other exchanges, launchpads, and layer-1 and layer-2 protocols to do so. Financial investment in projects from emerging markets is a priority, as well as networking and forming potential business partnerships.