KuCoin, one of the world’s leading cryptocurrency exchanges, announced that it has received a strategic investment from Susquehanna International Group (SIG).
In addition to the approximately $10 million investment, the two parties will also collaborate in the incubation of blockchain startups, building the KuCoin Token and KuCoin Community Chain ecosystem.
Global cryptocurrency exchange KuCoin has received a $10 million investment from Susquehanna International Group (SIG), a global quantitative investment firm.
KuCoin will use the funds from the investment to strengthen the platform infrastructure and enrich its product range.
Continuing its work to prepare for the bull market expected to be experienced in the crypto money market, the stock market will expand its global activities with capital increase and will continue to implement its hiring plans. KuCoin will hire 300 more people, despite the current volatility in the cryptocurrency market.
The cooperation between KuCoin and SIG will not be limited to investment. Investment and consultancy support will also be given to promising crypto startups, especially projects built on Community Chain.
“We are very happy to have found a stakeholder with whom we share the same vision and values”
Sharing his views on the investment, KuCoin CEO Johnny Lyu said, “KuCoin has successfully weathered several different crypto market cycles so far. We are determined to continue to develop KuCoin no matter what happens in the future. We are very happy to have found a stakeholder on this path with whom we share the same vision and values. SIG’s support will further solidify our leadership role at the center of change. Of course, it will also facilitate our expansion into the world of decentralized finance and Web 3.0.”
“We believe the cooperation will create synergy between SIG and KuCoin”
Regarding the investment, the SIG Investment Committee said, “This partnership is an important step for SIG as it strives to partner with the best players in every field. KuCoin is one of the fastest growing cryptocurrency exchanges with an agile growth strategy and visionary team. In this context, we believe that our cooperation will create synergy between SIG and KuCoin and benefit by bringing the crypto industry to a wider audience.”
KuCoin continues to grow with the investments it receives
Founded in 2017, KuCoin is among the top 5 crypto exchanges with over 20 million users worldwide. Known as one of the exchanges where the most altcoins are listed, the platform supports more than 700 cryptocurrencies and more than 1,200 trading pairs.
According to the 2022 First Half Year Report, KuCoin, which has achieved a transaction volume of over $ 2 trillion, has increased by 180 percent in this area compared to the same period of 2021.
The exchange raised $150 million in investments led by Jump Crypto in a Series B preliminary round in May 2022. Thus, it raised a total investment of 170 million dollars with its A Round investments and increased its valuation to 10 billion dollars.