According to CoinDesk, KuCoin and Susquehanna will work together to provide an incubator for cryptocurrency entrepreneurs and to establish networks for them. The cryptocurrency exchange places a special emphasis on projects that are constructed on the KCC chain, which is the blockchain network that is backed by KuCoin.
According to statements made to CoinDesk by KuCoin, the company plans to utilize the funds to improve the infrastructure of its cryptocurrency trading platform and expand its product offering. Additionally, it intends to use the funds for efforts relating to worldwide expansion as well as to hire additional personnel. As of Thursday, the company reportedly had more than 300 unfilled positions available in several departments.
According to Johnny Lyu, CEO of KuCoin, “KuCoin has been through a few crypto cycles, and we are committed to building regardless of what the future holds.” “The backing of SIG will enable us to further strengthen our leading status as a centralized exchange, and it will also make it easier for us to expand our ecosystem in the world of Web 3.0.”
Lyu went on to say that the cash will enable KuCoin to continue programs that are beneficial to cryptocurrency entrepreneurs. These programs include research and development, incubation, and mentoring.
“A portion of the funds will also be utilized to promote the growth and improvement of the KCS and KCC ecosystems with an emphasis on social aspects, DAO (decentralized autonomous organization) infrastructure, and decentralized communities,” Lyu explained further.
According to CoinDesk's report, the decision comes after KuCoin successfully raised $150 million in a pre-Series B funding round headed by Jump Crypto in May at a valuation of $10 billion.
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