Kucoin has announced receiving a strategic investment of $10 million from Susquehanna International Group (SIG).
Kucoin, a leading crypto exchange with 700+ coins and 2 Trillion accumulated trading volumes, has achieved a 180% increase in trading volume compared to the same period in 2021.
On the other hand, Susquehanna International Group (SIG) is the largest proprietary trading firm.
They are experts in trading all listed financial products and asset classes, focusing on derivatives and millions of daily transactions.
Apart from the investment, the two companies will collaborate in blockchain startup incubation.
Additionally, they will build KuCoin Community Chain (KCC) and KuCoin Token (KCS) ecosystem.
According to Johnny Lyu, ” KuCoin has been through a few crypto cycles, and we are committed to building no matter what. We are delighted to announce that we have found another partner with the same vision and values. The support of SIG will solidify our leading role as a centralized exchange and facilitate our ecosystem expansion in the decentralized Web 3.0 world.”
Usage of funds
The funds from the strategic investment would be used for:
1. Upgrading the platform infrastructure and enriching the product line up to help prepare for the next bull run.
2.Global hiring and expansion plans. Despite the crypto winter, Kucoin has 300 vacancies to be filled.
3. KuCoin and SIG will support crypto startups built on the KCC chain through incubation, investment, and consultation.
KuCoin raised $150 million in May, led by Jump Crypto through the Pre-Series B round.
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