The proliferation of cryptocurrencies all over the world continues to be driven by different use-cases, with key variations becoming apparent between developed and emerging market environments.
Lou Yu, who manages KuCoin Labs, tackled the topic following a keynote address throughout the second day’s Blockchain Economy Istanbul in Poultry. Within an exclusive interview with Cointelegraph, Yu unpacked her experience using a number of projects and firms all over the world and also the key variations between secondary and primary markets.
Cointelegraph editor Erhan Karahman interviews KuCoin Labs mind Lou Yu at Blockchain Economy Istanbul.
Kucoin are operating in over 200 countries globally and it is in a position to supply insights in to the buying and selling habits and trends along with the innovations within the space, considering that it lists, invests and supports various cryptocurrency and blockchain-focused projects.
Yu noted that buying and selling communities are particularly active in emerging markets, much more than their developed counterparts, that are less active despite superior levels of capital. While these emerging markets use cryptocurrencies frequently, projects from all of these areas could fare better to aim their professional services at local markets:
“We’re seeing all of the data here from secondary markets so we believe it is more relevant for local projects to profit the neighborhood economy, and not simply take products towards the U . s . States to profit traders there for instance.”
The opportunity of Bitcoin and cryptocurrencies to tackle unique challenges in emerging markets is a theme at Blockchain Economy Istanbul and Yu also believes that industry-shaping projects may leave developing countries.
Related: 75% of investors in emerging markets want more crypto: Survey
The KuCoin Labs mind highlighted the tendency for developed markets like Europe and also the U . s . States to make use of blockchain mainly for cryptocurrencies. Meanwhile, emerging financial markets are while using technology not just to use and trade cryptocurrencies but to construct tools and merchandise to resolve vexing problems:
“For developed markets it is a hobby, for emerging markets it’s required. In emerging countries, individuals are missing lots of tools and infrastructure and therefore are most likely restricted to language barriers, political, geographical, technological and economic barriers.”
Yu stated that emerging countries tend to be more looking for the essential infrastructure in Web3 to resolve issues that Web2 hasn’t y. She also noted much from the KuCoin Labs portfolio consists of projects from civilized world. The projects which do hail from emerging countries don’t concentrate on offering their product or services for their local market, rather concentrating on addressing and serving the broader cryptocurrency ecosystem.
Yu stressed the incubator has concentrated on connecting the ecosystem with other exchanges, launchpads in addition to layer-1 and layer2 protocols. Financial commitment in projects from emerging markets is a focus, alongside networking and building potential business partnerships.
