KuCoin Raises $10 Million from TikTok Investor SIG, Further Explores Global Expansion and Infrastructure Upgrade
In 2022, KuCoin smashed through a number of major adoption milestones; its user base jumped by over 100% in the last seven months and surpassed 20 million registered users. In July 2022, it also received eight-digit investments from a top-tier quantitative trading firm.
KuCoin secures $10 million in funding from SIG
According to the official announcement shared by the KuCoin team, it has entered into a long-term strategic collaboration with Susquehanna International Group (SIG), one of the largest quantitative trading firms.
We're proud to announce that #KuCoin has secured a $10 million strategic investment from Susquehanna International Group (SIG)! 🎉
— KUCOIN (@kucoincom) July 21, 2022
Apart from the $10m investment, KuCoin and SIG will collaborate in #blockchain startup incubation and #KCS & #KCC ecosystem building.
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.
Infrastructure upgrade, global expansion start-up incubation initiatives in the cards
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 (KCC), its community-driven EVM-compatible smart contracts platform.
Vladislav SopovAs covered by U.Today, KuCoin surpassed 20 million in the registered user count and $3 trillion in cumulative trading volume. In 2022, its peak daily trading volume exceeded $23 billion in futures and $11 billion in spot modules, respectively.
Alex Dovbnya
Dan Burgin