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

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

KuCoin and SIG will also collaborate in incubation and ecosystem building for crypto startups through incubation, investment, and consultation, especially the projects built on the KCC chain, the blockchain network backed by KuCoin.

KuCoin will use the funds to upgrade platform infrastructure and enrich the product lineup to prepare for the next bull run. The capital will also support KuCoin’s global expansion and hiring plan, with over 300 job openings as of July 21.

“KuCoin has been through a few crypto cycles, and we are committed to building no matter what,” Johnny Lyu, the CEO of KuCoin, stated. “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 would 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 infrastructure, and decentralized communities,” Lyu added.

The move follows a $150 million venture funding round led by Jump Crypto through a pre-Series B in May 2022 at a total valuation of $10 billion.

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