Crypto exchange KuCoin has raised over $10 million in strategic investment from Susquehanna International Group (SIG), one of Wall Street’s largest quantitative trading firms.
In addition to the investment, the two parties will work together to develop the KCS and KCC ecosystems as well as to incubate cryptocurrency startups.
SIG donates $10 million to KuCoin
According to a recent official statement, KuCoin will use the funds to improve the platform’s infrastructure and expand its product offering in order to get ready for the upcoming bull run.
Despite the ongoing crypto winter, the funding will also assist KuCoin’s plans for worldwide recruiting and expansion, with over 300 job positions.
The move follows a $150 million venture funding round led by Jump Crypto through a pre-Series B in May 2022 at a total valuation of $10 billion.
“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.”
KuCoin was established in 2017 and has since grown to include NFT trading, crypto financing, and an investment vehicle that focuses on blockchain and cryptocurrency companies. As of Thursday, the platform had $1.3 billion in spot trading activity during a 24-hour period, placing it among the top 10 largest cryptocurrency exchanges.
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