Cryptocurrency exchange KuCoin has “no exposure to LUNA & wLUNA,” and its recent fundraising “has nothing to do with the market downtrend,” the firm’s CEO said on his verified Twitter handle.
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Fast facts
- KuCoin CEO Johnny Lyu was responding to rumors about possible insolvency concerns raised by now-deleted Twitter account @otteroooo.
- The firm — among the top 10 crypto exchanges according to CoinMarketCap — announced raising US$10 million last week from quantitative trading firm Susquehanna International Group, which it plans to use to upgrade the platform’s infrastructure, improve product line-up and incubate crypto startups.
- Despite regulatory uncertainties, Lyu told local media Indian Express that it is “still bullish on India” and the country remains a “key market” for the company as it is “full of talent.”
- KuCoin launched a US$50 million support plan about two years ago to develop the blockchain industry in India and has recruited locals and established communities since then, the news report stated. KuCoin is also in cooperation with local crypto companies, like crypto exchange Bitbns and projects like Chingari, according to the report.
- The current crypto market crash may do away with weak companies and investors, leading to several mergers and acquisitions, Lyu told Indian Express.
See related article: Why Silicon Valley is pouring big money into India’s crypto industry
