KuCoin raised US$10 million from quantitative trading firm Susquehanna International Group (SIG), the crypto exchange said on Friday.
According to KuCoin, they plan to use the funds to upgrade the platform’s infrastructure and improve its product line-up.
KuCoin and SIG will jointly support crypto start-ups through incubation, investment, and consultation, especially those built on the KCC chain, a public blockchain being developed by the KuCoin community.
The capital will also be used to support KuCoin’s global expansion and plans to hire 300 people.
SIG's backing is intended to reinforce KuCoin's function as a centralized exchange and assist its expansion in the decentralized Web3.0 environment, according to Johnny Lyu, KuCoin's chief executive officer.
KuCoin raised US$150 million in a pre-series B investment headed by Jump Crypto in May, valuing the company at US$10 billion.
According to KuCoin, its trading volume surpassed $2 trillion in the first half of 2022, a 180% rise from the previous year.