Singapore-based cryptocurrency exchange, KuCoin announced today that it will, as part of its second-anniversary celebration, sell Bitcoin at a discount to users who meet certain requirements.
Per the update shared by the exchange, they’re planning to sell $1,500,000 worth of Bitcoin (appr. 144 BTC at press time) to users who hold at least 50 KuCoin Shares (KCS) on KYC verified trading accounts.
Note, that the actual value of Bitcoin (BTC) to be sold will be determined on the day of the flash-sale, giving that the usually fluctuating price of the cryptocurrency.
- KuCoin will launch an exclusive flash-sales page where users can buy BTC at a big discount by using their KCS tokens
- The exchange will take a random snapshot of KCS balances before 22:00 on September 16, 2019 (UTC+8) to ensure that users hold up to the stipulated amount.
- Each user account will only be eligible to spend a maximum of $750 worth of KuCoin Shares on the purchase, although this value is calculated in Tether (USDT) to ensure price stability.
- Apparently, users who participate in the flash-sale will receive the amount of BTC they bought shortly after while accounts with a low balance will not be eligible to receive BTC.
Kucoin Shares (KCS) Gains 7%
Understandably, KuCoin’s latest announcement of discounted BTC sales and the promise of more promotional campaigns has led to a surge in the value of the exchange’s native utility token (KCS).
On a day, when most cryptocurrencies are struggling to record gains, KCS is up more than 7% at press time, moving from $1.44 to $1.56 at press time.