Mark Weaden
Leading cryptocurrency exchange KuCoin has taken another important step towards expanding its presence globally.
KuCoin, a global leading crypto exchange, announced in a press release that it had secured a strategic investment from Susquehanna International Group (SIG), one of the largest quantitative trading firms.
According to the KuCoin team, in addition to the $10 million investment, the two companies will work together in blockchain startup incubation and KCS & KCC ecosystem building.
The cryptocurrency exchange will use the money to upgrade platform infrastructure and rollout better products ahead of the upcoming bull run. Furthermore, the funds will also support KuCoin’s global expansion and hiring plan.
The KuCoin team added that it currently has 300 job openings available and will continue to expand despite the ongoing crypto winter. As part of the agreement, KuCoin and SIG will jointly support promising crypto startups through incubation, investment, and consultation, especially the projects built on the KCC chain.
Johnny Lyu, the CEO of KuCoin, commented that;
“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.”
The SIG team also commented that;
“This partnership is an important step for SIG that illustrates our strive to partner with the best players in every field. KuCoin is one of the fastest-growing crypto stars with an agile growth strategy and a forward-looking team. We believe this cooperation will create a synergy between SIG and KuCoin, benefiting the crypto industry by bringing it to a wider audience."
KuCoin has been around since 2017 and has grown to become one of the top five cryptocurrency exchanges. The KuCoin reviews are mostly positive, which is why the exchange recently hit 20 million users globally and has become popular as the home of altcoins. At the moment, KuCoin supports more than 700 tokens and 1,200 trading pairs.
Despite the ongoing bear market, KuCoin achieved over $2 trillion in trading volume in the first half of 2022, a 180% increase compared to the same period in 2021.
The low KuCoin fees make it one of the most attractive cryptocurrency exchanges in the world. Is KuCoin available in the US? At the moment, KuCoin isn’t licensed to operate in the United States. However, with the exchange’s globalization plan currently in motion, KuCoin could be expanding into the North American country soon.
So far this year, KuCoin raised over $150 million in investments through a pre-Series B Round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion.
In addition to being one of the top five cryptocurrency exchanges, KuCoin was named one of the Best Crypto Exchanges in 2021 by Forbes. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.
Meanwhile, SIG is a global quantitative trading firm founded with an entrepreneurial mindset and a rigorous analytical approach to decision-making. The company trades a wide range of financial products and asset classes, with a focus on derivatives, and handles millions of transactions on exchanges worldwide every day.
