SIG invests $10 million in KuCoin.
KuCoin is amongst the top 10 cryptocurrency exchanges in the world across all parameters. It recently surpassed 20 million registered users and has over 700 coins listed on its platform. The daily trading volume on KuCoin has been constantly increasing and has consistently surpassed $1 Billion over the last few months. Its cumulative trading volume has crossed a whopping $2 trillion!!!
SIG Invests in KuCoin
21st July 2022 was another historic day for KuCoin. It secured $10 million in strategic investment from SIG. SIG is a leading quantitative trading fund. The funds raised will be widely used towards the development of KCC, KCS ecosystem building and incubating blockchain startups. They will also be used towards Infrastructure upgrade, product line-up enrichment, global expansion and hiring.
Susquehanna International Group
SIG is one of the largest quantitative trading firms in the world. Its business thrives at the intersection of trading, quantitative research and technology. It is well known to trade a multitude of financial products and assets and its expertise include trading derivatives. It has the capacity to handle millions of transactions per day across exchanges.
KuCoin CEO’s quote towards this partnership
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.”
SIG Investment team’s quote towards this partnership
SIG’s investment team stated: “This partnership is an important step for SIG that illustrates our strive to partner with the best players in every field. KuCoin is one of the fastest-growing crypto stars with an agile growth strategy and a forward-looking team. We believe this cooperation will create a synergy between SIG and KuCoin, benefiting the crypto industry by bringing it to a wider audience.”
Recent investments in KuCoin
KuCoin recently raised $150 million in its pre-Series B round at a valuation of $10 billion. This round was led by Jump Crypto and also had some major investors like Circle Ventures, Matrix Partners and IDG Capital. Tak Fujishima, Head of Asia, Jump Crypto stated “We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive yield generation to support the growth of Web 3.0 and the crypto markets.”
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