KuCoin Receives $10M from SIG; Jointly Supports Crypto Startup Incubation
2022.07.22 14:09
KuCoin Receives $10M from SIG; Jointly Supports Crypto Startup Incubation
- KuCoin has partnered with SIG, a prominent quantitative trading firm.
- Through this partnership, KuCoin received a $10 million investment fund from SIG.
- Both the platforms will jointly work to boost their liquidity and derivatives products.
Yesterday, crypto exchange KuCoin announced that they have collaborated with trading firm Susquehanna International Group (SIG) by receiving a $10 million investment from the latter.
According to the information provided to CQ, the strategic partnership enables the two companies to work together in blockchain startup incubation, and KuCoin token(KCS) and KuCoin Community Chain (KCC) ecosystem building.
The KuCoin team stated that with the support from SIG, the platform will likely see a big surge in liquidity and derivatives products, and step into core markets in Asia, Europe, and other promising regions.
Significantly, KuCoin will utilize the received funds for several developmental needs: to upgrade its infrastructure and enrich the product line-up, and support the global expansion and hiring plan. More so, the funds will be used to jointly support promising crypto startups via incubation, investment, and consultation, specifically the projects that are built on the KCC chain.
Additionally, this year, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. The crypto platform is in rapid growth with its trading volume exceeding $2 trillion and its global userbase breaking 20 million.
KuCoin is a global cryptocurrency exchange launched in September 2017. It is a user-oriented platform offering more than 700 digital assets. The exchange provides features such as spot trading, P2P fiat trading, futures trading, margin trading, lending, and staking.
Meanwhile, SIG is a global quantitative trading firm that trades financial products and asset classes with a focus on derivatives and handles transactions on several exchanges around the world. Notably, SIG is reportedly the contributor to over 20% of the US stock and options volume and is acclaimed as the biggest investor of TikTok.
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