KuCoin, a global cryptocurrency exchange, announced on Thursday that it has secured a strategic investment from Susquehanna International Group, better known as the SIG, one of the largest quantitative trading firms in the world. The exchange also announced that it would collaborate with the trading firm in blockchain startup incubation.
KuCoin and SIG announced in a statement that they would jointly support promising crypto startups through incubation, investment, and consultation, especially the projects built on the KCC chain, KuCoin’s native blockchain network.
The exchange also announced that it would use the funds to upgrade the platform's infrastructure and improve the product lineup. The freshly raised capital will also support KuCoin’s global expansion and hiring plans.
Johnny Lyu, the CEO of KuCoin, said, “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 investment team echoed the same thoughts. They said in a statement released by the company, “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."
In May 2022, KuCoin raised $150 million led by Jump Crypto through a pre-Series B round, bringing its total investments to $170 million with Round A combined at a total valuation of over $10 billion.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today