Though the market is bearish, the KuCoin has been on a bullish rally for the first half of the year; the firm recently released its 2022 H1 report, which indicates that crypto exchanges and trading platforms are still leading the charge for mainstream crypto adoption.
The KuCoin has also noted an increase in its user base by 9.85 million in these six months of 2022 and an increase in FUD in the industry.
The CEO of KUCoin has announced his plans to launch a fund that will be targeted to combat FUD (fear, uncertainty, and doubt) in the crypto market.
CEO of the crypto exchange, Johnny Lyu announced his plans for the fund on Tuesday via a detailed tweet. He stated that the fund would tackle the spread of misinformation and disinformation in the crypto industry. Lyu tweeted, “FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence. To build a crypto space with less FUD, KuCoin will launch an Anti-FUD Fund.”
He listed the various approaches that the fund will take to tackle the FUD menace in the market.
The first approach will focus on investing in proper anti-FUD education for crypto dealers on online and offline platforms. The CEO plans on educating the global population and arming them with the needed knowledge to identify and distinguish FUD from regular market turmoil. Lyu has also said that the KuCoin team will develop programs in over 20 languages to be able to educate crypto exchange users across the world.
For the second approach, Lyu stated that the team would enlist influential and dependable social figures and acclaimed industry leaders as the spokespeople, providing correct information and explaining the FUD fog in the market.
The third approach listed by the KuCoin CEO is set on isolating the root of FUD to the individuals and organizations responsible for spreading misinformation and taking legal action against them where necessary.
Lyu further commented on BUIDL, which refers to a ‘building useful stuff’ mindset, inspired by the HODL acronym. He said, “I am certain that these initiatives can hardly erase all the FUD in our industry, but we have to take the first step, and every step counts. Don’t FUD, #BUIDL.”
The bear market of 2022 has created increased instability in an unsettled industry. Many cryptos have suffered due to the camouflage effect created by the FUD from a singular event. Evidently, an Anti-FUD fund will be welcomed by many crypto dealers.