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Crypto exchange KuCoin has raised over $10 million in strategic investment from Susquehanna International Group (SIG), one of Wall Street's largest quantitative trading firms. Apart from the investment, the two parties will also collaborate on crypto startup incubation and KCS & KCC ecosystem building.
KuCoin Raises $10M From SIG
According to an official announcement from today, KuCoin will use the funds to upgrade platform infrastructure and enrich the product lineup to prepare for the next bull run. The capital will also support KuCoin's global expansion and hiring plan, with over 300 job openings despite the ongoing crypto winter. https://twitter.com/kucoincom/status/1550059005804007426 The move follows a $150 million venture funding round led by Jump Crypto through a pre-Series B in May 2022 at a total valuation of $10 billion. Commenting on the development, Johnny Lyu, the CEO of KuCoin, stated:
"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."
Launched in 2017, KuCoin has expanded its services to cover crypto lending and NFT trading, as well as an investment vehicle that focuses on crypto and blockchain firms. Since then, the platform has grown to become the top 10 largest crypto exchanges, with $1.3 billion in spot trading volume over 24 hours as of Thursday, according to data from CoinGecko.