KuCoin received $10,000,000 in strategic investments from SIG. Besides that, the two teams will collaborate on supporting early-stage startups and KCS/KCC ecosystem building.
With this funding received, KuCoin is going to see a huge boost in liquidity, release new products and offer new services in Asia，Europe and other promising regions. Besides that, the KuCoin team has massive hiring plans despite the “Crypto Winter” gaining steam.Susquehanna International Group, or SIG, is one of the most influential quantitative teams globally as it is responsible for 20% of U.S. stock and options trading volumes.
SIG is also well known for its VC strategy; inter alia, it holds a 15% share in Chinese short video platform TikTok. In total, the firm manages over $80 billion in various assets.The “People’s Exchange,” by May 2022 KuCoin had raised over $170 million in investments; it pushed its valuation over $10 billion, making KuCoin the latest fintech decacorn.
The new round is set to fuel the release of new features, including infrastructure additions and an upgraded lineup of available products. Also, KuCoin will support its start-up ecosystem with newly raised funds. Largely, its incubation program will target promising early-stage crypto start-ups interested in building on KuCoin Community Chain , its community-driven EVM-compatible smart contracts platform.