According to recent reports KuCoin, Susquehanna International Group (SIG), one of the biggest quantitative trading organisations, invested approximately $10 million in prominent cryptocurrency exchange KuCoin through a fairly clever transaction.
Not only that, but it is also known that the two companies worked together to develop the KuCoin Community Chain ecosystem, Coin tokens, and an incubator for blockchain start-ups. Furthermore, this happened only a few weeks after the side collapse of the Gari token from the video format app Chingari, which is alleged to have originated from the KuCoin network, which did have the most tokens.
Additionally, it is said that KuCoin would use this new funding to upgrade the infrastructure of its platform, hire staff, expand internationally, and improve its purported product lineup.
KuCoin was founded in 2017, and since then, it has grown to become one of the top 5 cryptocurrency exchanges with around 20 million members worldwide. The platform, which is simply referred to as a collection of cryptocurrencies, is supposed to accommodate over 700 tokens and 1200 trading pairings.
“KuCoin has been through a couple crypto cycles, and we are determined to building no matter what,” said Johnny Lyu, CEO of KuCoin. We are happy to report that we have discovered another partner that shares our goals and ideals. With SIG’s assistance, we will be able to expand our ecosystem in the decentralised Web 3.0 environment and maintain our dominant position as a centralised exchange.
The growth and enhancement of the KCS and KCC ecosystems, with an emphasis on social features, DAO (decentralised autonomous organisation) infrastructure, and decentralised communities, will also be supported in part by the funding, according to Lyu.
KuCoin reported a trade volume of over $2 trillion in its 2022 H1 Review Report, a 180 percent rise over the corresponding time in 2021. Similar to this, in May 2022, kuCoin secured over $150 million in a pre-series B financing headed by Jump Crypto, bringing its total investments to 170 million with Round A combined, at a total valuation of approximately in the neighbourhood of $10 billion.
Overall, kuCoin is a well-known cryptocurrency exchange with operations based in the Seychelles and a selection of over 700 digital assets. The platform now offers P2P fiat trading, futures trading, spot trading, staking, lending, and margin trading.
After reading this far, I hope you have a good understanding of KuCoin and its recent fundraising for $10 million. At this point, I think you can determine for yourself if you think it was the correct thing to do and whether you think it will be good for the business.
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