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 Jul 21, 2022 at 2:28 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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.

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.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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