Susquehanna International Group (SIG) plans to invest $10 million in the cryptocurrency exchange platform, KuCoin. The parties aim at mutual collaboration during the incubation period of the blockchain startup and for building KCS and KCC ecosystems. On this auspicious occasion, Johnny Lyu, the CEO of KuCoin remarked that SIG’s support would facilitate the expansion of KuCoin as a centralized cryptocurrency exchange platform. SIG’s support is crucial for the expansion of KuCoin’s ecosystem in the borderless Web3.0 world.
KuCoin is a crypto startup established in 2017. Today, KuCoin claims to have 20 million users all across the globe.
With the help of Jump Crypto, KuCoin raised $150 million through a pre-Series B round in May 2022. It brought the company’s total investments with Round A together to $170 million, for a total valuation of $10 billion.
Despite the ongoing “crypto winter”, KuCoin claims to have over three hundred job openings ready to be filled. KuCoin plans on upgrading the infrastructure of its platform and improving its product lineup. KuCoin is all set for the next “bull run” in spite of the falling prices of cryptocurrencies in recent times.
The recent collaboration between KuCoina and SIG aims at rejuvenating the cryptocurrency environment. Such investments help in boosting crypto startups during their incubation period, consultation, and investment. The investment team of SIG opined that the tie-up with KuCoin will attract a wider audience to the cryptocurrency industry, thereby benefitting both firms.