Cryptocurrency exchange KuCoin has announced its investment from trading firm Susquehanna International Group (SIG). Apart from around a $10 million investment, the two parties plan to collaborate in blockchain startup incubation and KCS & KCC ecosystem building.
“The support of SIG will aim to solidify our role as a centralised exchange and facilitate our ecosystem expansion in the decentralised Web3.0 world,” Johnny Lyu, CEO, KuCoin, stated.
According to the cryptocurrency exchange, it will use the funds to upgrade platform infrastructure and enrich the product lineup, preparing for the next bull run. The capital will also support KuCoin’s global expansion and hiring plan. Despite the current cryptocurrency winter, KuCoin claims to have 300 job openings to be filled. In addition, KuCoin and SIG aim to jointly support cryptocurrency startups through incubation, investment, and consultation, especially the projects built on the KCC chain.
As per the SIG investment team, they believe this cooperation will create a synergy between SIG and KuCoin, with the aim to benefit the cryptocurrency 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 $10 billion.
SIG is a global quantitative trading firm. It claims to support trading of all listed financial products and asset classes, with a focus on derivatives, and also claims to handle millions of transactions on exchanges worldwide every day.
Established in 2017, KuCoin claims to have over 20 million users globally. The platform also claims to have supported trading of over 700 tokens and 1,200 trading pairs. According to its 2022 H1 review report, the exchange has achieved over $2 trillion in trading volume, a 180% increase compared to the same period in 2021.