A renowned crypto exchange identified as KuCoin recently secured a $10 million strategic contract from Susquehanna International Group(SIG). This development was made known via the exchange’s official twitter page on Thursday. As revealed, KuCoin and the quantitative trading firm, SIG will work together to aid blockchain integration and KCS &KCC ecosystem building.
As revealed, KuCoin intends to use the funds to boost its platform infrastructure. Also, the exchange plan to explore a part of the fund to improve its product lineup and organize the next bull run. The capital will further finance the exchange global extension and hiring scheme. Despite the current market conditions, the exchange has about 300 job vacancies.
Furthermore, the collaboration between the exchange and SIG tends to promote promising crypto startup projects built on the KCC chain through incubation, investment, and consultation.
According to KuCoin CEO, Johnny Lyu, the firm already experienced few crypto cycles and now committed to building irrespective of the situations. Johnny expressed the excitement of his team to find a partner with similar vision and values. He stated that the partnership with SIG tends to help solidify its leading role as a centralized exchange. He further stated it will promote the extension of the KuCoin ecosystem within the Decentralized Web3 world.
More so, the SIG investment team sees the alliance with KuCoin as an essential phase for SIG. According to the team, it reflects their vision to work together with the best players in every business. The team further classified KuCoin as one of the fastest-growing crypto figures with a robust growth policy and a forward-looking team.
SIG & Kucoin
Susquehanna International Group, SIG is a heavyweight quantitative firm in the trading industry. It was established with a strict rational approach to decision-making and from an entrepreneurial perspective. More so, SIG functions as a professional in trading virtually all listed financial derivatives and investments classes. Also, it focuses on derivatives and carries out millions of transactions daily on exchanges worldwide.
KuCoin, on the other hand manifested in 2017 with over 20 million registered users. The exchange currently ranks as one of the best top 5 crypto exchanges in the world. KuCoin, to date, provides support for over 700 tokens and 1200 trading pairs. According to a 2022 review report by H1, KuCoin amassed over $2trillion in trading amount. This amount is 180% percent higher when compared to the same period in 2021.