KuCoin raised US$10 million from quantitative trading firm Susquehanna International Group (SIG), the crypto exchange said on Friday.
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- KuCoin plans to use the funds to upgrade the platform’s infrastructure and improve product line-up, the company said.
- KuCoin and SIG will jointly support crypto start-ups through incubation, investment and consultation, especially projects built on the KCC chain, a public blockchain being developed by the KuCoin community.
- The capital will also be used to support KuCoin’s global expansion and plans to hire 300 people.
- The support of SIG is expected to solidify KuCoin’s role as a centralized exchange and facilitate its expansion in the decentralized Web3.0 world, Johnny Lyu, the chief executive officer of KuCoin, said.
- In May, KuCoin raised US$150 million led by Jump Crypto through a pre-series B round, valuing the firm at US$10 billion.
- Trading volume at KuCoin crossed more than US$2 trillion in the first half of 2022, a 180% increase from a year earlier, the firm said.
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