KuCoin Has Secured $10M In Strategic Investment From SIG
- KucOin has confirmed raising $10 million in strategic investment from one of the largest quantitative trading firms, Susquehanna International Group (SIG)
- The two parties have agreed to collaborate in blockchain startup incubation along with KCS & KCC ecosystem building
The leading crypto exchange platform KuCoin has recently announced that it has secured a strategic investment from one of the largest quantitative trading firms, Susquehanna International Group (SIG).
According to the recent announcement, KuCoin has grabbed $10 million from SIG in the recent funding, and the two parties have agreed to collaborate in blockchain startup incubation along with KCS & KCC ecosystem building.
The exchange has decided to use the funds to prepare for the next bull run by enhancing its infrastructure and expanding and improving the product lineup. KuCoin also aims to use some parts of the new fund in global expansion and to support its hiring strategy.
According to the recent data, the company still has 300 job openings to be filled amid the current crypto winter when several exchange giants have decided to cut down their staff.
Moreover, KuCoin and SIG will also work together on supporting promising crypto startups and entrepreneurs through investment, incubation, and consultation, especially the projects built on the KCC chain. The CEO of the exchange, Johnny Lyu, commented on the new strategic investment by stating:
“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.”
He added that the support from SIG would solidify its leading position as a centralized exchange and facilitate the expansion of its ecosystem in the decentralized Web3 space.
On the other hand, SIG’s investment team also commented on the new partnership and called it “an important step for SIG that illustrates [its] strive to partner with the best players in every field.”
“We believe this cooperation will create a synergy between SIG and KuCoin, benefiting the crypto industry by bringing it to a wider audience,”
it added.
Interestingly, 2017-founded KuCoin is continuously working toward its goal of expanding its horizons with new funding and partnerships. In May this year, KuCoin secured $150 million in a pre-Series B funding round led by Jump Crypto, which after being combined with Round A, brought its total investments to $170 million. A few weeks back, the exchange also launched its new decentralized wallet service, intending to grant users a seamless experience when accessing the DeFi world.
KuCoin, one of the top 5 crypto exchanges with more than 20 million global users, supports over 700 digital tokens and 1,200 trading pairs.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
