Crypto Exchange KuCoin Raises $10M From Susquehanna to Fund Hiring, Growth Plans

The firms will also work together to help incubate and build networks for crypto startups.

AccessTimeIconJul 21, 2022 at 10:13 a.m. UTC
Updated May 11, 2023 at 6:46 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange KuCoin has raised over $10 million in a strategic investment from Susquehanna International Group, KuCoin told CoinDesk on Thursday.

KuCoin and Susquehanna will also work together to help incubate and build networks for crypto startups, especiallyfor projects built on the KCC chain, the blockchain network backed by KuCoin.

  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
    06:55
    Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
  • KuCoin will use the funds to upgrade its platform's infrastructure and enrich its product lineup. The capital will also support KuCoin’s global expansion and hiring plans. The firm had more than 300 job openings as of Thursday.

    “KuCoin has been through a few crypto cycles, and we are committed to building no matter what,” KuCoin CEO Johnny Lyu said. “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.”

    Lyu told CoinDesk that the funds will allow KuCoin to continue the research and development, incubation and mentorship programs that support crypto startups.

    “Part of the funds will also be used to support the development and improvement of the KCS and KCC ecosystems with a focus on social aspects, DAO (decentralized autonomous organization) infrastructure and decentralized communities,” Lyu added.

    The move follows KuCoin's $150 million pre-Series B funding round led by Jump Crypto in May at a valuation of $10 billion.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Shaurya Malwa

    Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.