The user-focused crypto titan is seeking global expansion through its latest partnership.
KuCoin, a Seychelles-based cryptocurrency exchange, has recently announced that it secured a $10M investment from one of the biggest trading companies in the world dubbed Susquehanna International Group (SIG).
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According to the official announcement issued on July 21st, KuCoin, which currently has more than 20 million active users and supports over 700 tokens, will leverage the fresh capital to prepare for the upcoming bull run by rolling out new products and supporting its expansion to different markets.
Johnny Lyu, the CEO of KuCoin, shed some light on how the current crypto bear market affected the exchange, noting that the firm has already survived several market slumps and isn’t planning to stop expanding. He added:
“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.”
Furthermore, Lyu stated that some of the funds will be allocated to support its mentorship programs for early-stage crypto projects, advance decentralized autonomous organization (DAO) infrastructure, and upgrade decentralized communities.
KuCoin will also use part of the investment to expand its headcount, as last week, the company announced that it would be hiring over 300 employees, denying all the rumors surrounding possible layoffs.
On top of that, the official report read that both parties will form a partnership to boost KuCoin’s native token KCS, and a decentralized public chain called KuCoin Community Chain (KCC). SIG investment team noted that the collaboration will allow KuCoin to eventually offer its services to the wider crypto industry, adding:
"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."
The news arrives a few months after KuCoin raised $150M in a fundraiser led by trading firm Jump Trading Group’s crypto arm Jump Crypto, bringing the former to a total valuation of $10B.
On another note, earlier in June, the crypto exchange rolled out a new decentralized wallet to delve into the Web3 ecosystem.
