KuCoin raised US$10 million from quantitative trading firm Susquehanna International Group (SIG), the crypto exchange said on Friday.

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Fast facts

• KuCoin plans to use the funds to upgrade the platform’s infrastructure and improve product line-up, the company said. 

• KuCoin and SIG will jointly support crypto start-ups through incubation, investment and consultation, especially projects 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. 

• The support of SIG is expected to solidify KuCoin’s role as a centralized exchange and facilitate its expansion in the decentralized Web3.0 world, Johnny Lyu, the chief executive officer of KuCoin, said.

• In May, KuCoin raised US$150 million led by Jump Crypto through a pre-series B round, valuing the firm at US$10 billion.  

• Trading volume at KuCoin crossed more than US$2 trillion in the first half of 2022, a 180% increase from a year earlier, the firm said.

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