The KuCoin company, which is one of the leading cryptocurrency exchanges in the world has announced its new plan for customers.
The CEO of the crypto exchange announced his plans to launch a fund that will be targeted to tackle FUD (fear, uncertainty, and doubt) in the crypto market. CEO Johnny Lyu unveiled his plans for the fund on Tuesday via a detailed Twitter thread.
He stated that the anti-FUD fund will focus on tackling the spread of misinformation and disinformation within the crypto industry.
He 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 is going to launch an Anti-FUD Fund.”
Lyu then gave a three-step approach on how the company would approach the anti-fud fund.
The first course of action will focus on investing in proper anti-FUD education on online and offline platforms. Lyu plans on educating the global population and arming them with the knowledge needed to identify and distinguish FUD from regular market turmoil. The CEO also said that to educate the global market, the KuCoin team will develop programs in over 20 languages.
In the second course of action, Lyu talks about enlisting influential and dependable social figures and acclaimed industry leaders to become the mouthpiece providing correct information and demystifying the FUD fog in the market.
The third and final course of action listed by the KuCoin CEO talks about isolating the root of FUD to the individuals and organizations responsible for spreading misinformation and even taking legal action against them if necessary.
Lyu talks about 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.”
KuCoin has been one of the few exchanges that has remained bullish despite the bearish market. Exchanges like Coinbase, Gemini, and few others have been affected by the bearish market and has had their staff pruned.