The funds raised from SIG will be used to upgrade the infrastructure of KuCoin as well as enrich and diversify its product line.
Singapore-based crypto exchange KuCoin has announced strategic funding of as much as $10 million from Susquehanna International Group (SIG), a global quantitative trading and technology firm. In addition to the investment, the companies will jointly work on blockchain startup incubation. In particular, they will support startups through incubation, investment, and consultation. The projects built on the KuCoin Community Chain (KCC) will be the priority.
We're proud to announce that #KuCoin has secured a $10 million strategic investment from Susquehanna International Group (SIG)! 🎉
— KUCOIN (@kucoincom) July 21, 2022
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.”
The funds raised from SIG will be used to upgrade the infrastructure of KuCoin as well as enrich and diversify its product line. Further, KuCoin is planning to bring more people to the company, with 300 vacant jobs to be filled now at moment.
Susquehanna International Group, or SIG, is a private trading group that provides execution services for Nasdaq and listed stocks, ETFs, ADRs, and options. Being a member of numerous local, national, and international stock exchanges, SIG is one of the biggest US option market makers and a specialist in more index options than any other market maker. Notably, the firm handles roughly one out of every seven stock options trading in the world.
According to SIG, they consider KuCoin one of ‘the fastest-growing crypto stars’. Therefore, their partnership is expected to bring numerous benefits to the crypto industry in terms of its adoption by a wider audience.
Headquartered in Seychelles, KuCoin is one of the top global exchanges by trade volume. Present in more than 200 countries, KuCoin provides the ability to buy, sell, and trade cryptocurrencies to over 10 million users. The crypto services offered by KuCoin include margin and futures trading, a built-in P2P exchange, the ability to buy crypto using a credit or debit card, instant-exchange services, the ability to earn crypto by lending or staking via its Pool-X, opportunity to participate in fresh initial exchange offerings (IEOs) via KuCoin Spotlight, some of the lowest fees in the market, and much more.
In May 2022, KuCoin raised $150 million in a pre-Series B funding round. Jump Crypto, Circle Ventures, IDG Capital and Matrix Partners were leading the campaign. The round brought KuCoin’s valuation to $10 billion, up from $100 million in November 2018.
Recently, KuCoin announced that almost 10 million new users joined its platform, marking a two-fold increase in new user registrations in the last seven months and a 219% increase year-on-year. The increase brought the total user base to over 20 million.