KuCoin, a global leading crypto exchange, announced that it had secured a strategic investment from Susquehanna International Group (SIG), one of the largest quantitative trading firms. Apart from around a 10-million US dollar investment, the two parties will collaborate in blockchain startup incubation and KCS & KCC ecosystem building.
SIG is a global quantitative trading firm founded with an entrepreneurial mindset and a rigorous analytical approach to decision-making. As one of the largest proprietary trading firms in the world, it is an expert in trading essentially all listed financial products and asset classes, with a focus on derivatives, and handles millions of transactions on exchanges worldwide every day.
Established in 2017, KuCoin has developed into a top 5 crypto exchange with over 20 million users globally. Known as the home of altcoins, the platform has supported over 700 tokens and 1,200 trading pairs. According to its 2022 H1 Review Report, KuCoin has achieved over $2 trillion in trading volume, a 180% increase compared to the same period in 2021.
KuCoin 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 crypto winter, KuCoin still has 300 job openings to be filled. In addition, KuCoin and SIG will jointly support promising crypto startups through incubation, investment, and consultation, especially the projects built on the KCC chain.
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.”
In May 2022, 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.