Crypto exchange KuCoin has announced its investment from trading firm Susquehanna International Group (SIG) of around $10 million, with plans to collaborate in blockchain startup incubation and KCS & KCC ecosystem building.
According to a press release by KuCoin, 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.
“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,” stated Johnny Lyu, the CEO of KuCoin. “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 said they believe this cooperation will create a synergy between SIG and KuCoin, to benefit the cryptocurrency industry by bringing it to a wider audience.
This May, 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.
Recently, KuCoin released its ‘Into The Cryptoverse’ report exploring the penetration and adoption of digital currencies in Saudi Arabia. Among others, the survey revealed that about 14% of adult Saudis become crypto investors, while another 17% are likely to invest in crypto over the next six months.