Popular cryptocurrency exchange KuCoin announced Thursday that it had signed a partnership with Susquehanna International Group (SIG), a leading global quantitative trading company.
KuCoin Secures $10 Million From SIG
The deal, which came with a $10 million strategic investment from SIG, allows both companies to work together to promote blockchain startup incubation and KCS & KCC ecosystem building.
KuCoin and SIG will jointly promote the small businesses through incubation, investments, and consultations with special treatments offered to those building on the KCC chain.
The SIG investment team believes the partnership will benefit the crypto space, bringing it closer to a broader global audience.
“This partnership is an important step for SIG that illustrates our 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,” said the investment team.
Speaking on the latest development, Johnny Lyu, the CEO of KuCoin, stated that the support of SIG will help strengthen the company’s foothold in the crypto industry.
“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,” said Lyu.
KuCoin Prepares for the Next Bull Market
KuCoin also revealed that part of the funds would be used to enhance its infrastructure and product offerings in preparation for the next bull market.
Aside from that, the funding will also be used to support the company’s global expansion and hiring plans.
The exchange said it still has 300 job openings that need to be filled despite the current bear market that erased more than $2 trillion from the crypto industry, with Bitcoin and Ethereum dropping as low as $18,000 and $900, respectively, which spurred massive layoffs of employees to reduce costs.
Meanwhile, Coinfomania reported that KuCoin secured $150 million in series B funding from top industry investors in May. The funding, which skyrocketed the company’s valuation to $10 billion, was dedicated to business expansion across the Middle East, Latin America, Europe, Africa, and South Asia.
