Crypto exchange KuCoin has received a $10 million investment from Susquehanna International Group (SIG) to promote the development of new blockchain technologies.
What Happened: KuCoin said it had secured the strategic investment with the goal of helping build web3 ecosystems and creating 300 more jobs for talented people who had been laid off, in a Thursday press release seen by Benzinga.
With Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH)-led crypto market suffering a 70% decline year-to-date, many major crypto companies, including Coinbase Global Inc (NASDAQ:COIN) and Gemini cut 10% of their workforce.
SIG is one of the largest quantitative trading firms in the world. According to KuCoin CEO Johnny Lyu, SIG would help solidify KuCoin's role as one of the leading cryptocurrency exchanges globally.
"KuCoin has been through a few crypto cycles, and we are committed to building no matter what," said Lyu.
Since its inception in 2017, KuCoin has amassed over 20 million users worldwide and has listed 700 cryptocurrencies with support for 1200 trading pairs. As of this year, the exchange has seen $2 trillion in trading volume — a 180% increase since 2021.
KuCoin intends to use the funds to upgrade infrastructure, enrich the product lineup and prepare for the next bull run. Despite the ongoing crypto winter, KuCoin said it still has 300 job openings to be filled.
The partnership with KuCoin and SIG would also involve supporting crypto startups through incubation, investment, and consultation with a focus on those building through the KCC chain.
"We will give innovators a chance to turn their ideas into products with a real practical value. By doing so, we will take a big step forward, being part of a new industry era, which is perhaps even more significant and complex than the creation of DeFi and NFTs," Lyu said in a statement to Benzinga.
In May 2022, KuCoin raised $150 million led by Jump Crypto through a pre-Series B round. This brings its total funding to $170 million, post Round A, at a valuation of $10 billion.
