KuCoin has successfully secured over $10 million from Susquehanna International Group in a strategic investment.
KuCoin will collaborate with Susquehanna to incubate and build networks for crypto startups, according to CoinDesk. The crypto exchange is particularly focused on projects built on the KCC chain - the blockchain network backed by KuCoin.
KuCoin told CoinDesk that its funds will be used to upgrade its crypto exchange platform's infrastructure and enrich its product lineup. Furthermore, it also plans to use the funds for global expansion initiatives and hire more employees. According to CoinDesk, the firm had more than 300 job openings as of Thursday.
“KuCoin has been through a few crypto cycles, and we are committed to building no matter what,” KuCoin CEO Johnny Lyu said. “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.”
Lyu added that the funds will allow KuCoin to continue programs supporting crypto startups, such as research and development, incubation and mentorship.
“Part of the funds will also be used to support the development and improvement of the KCS and KCC ecosystems with a focus on social aspects, DAO (decentralized autonomous organization) infrastructure and decentralized communities,” Lyu added.
The move follows KuCoin's $150 million pre-Series B funding round led by Jump Crypto in May at a valuation of $10 billion, CoinDesk reported.
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