On July 21, 2022, KuCoin, a global leading crypto exchange, announced that it had secured a 10-million US dollar strategic investment from SIG, one of the largest quantitative trading firms. They will collaborate in blockchain startup incubation and KCS & KCC ecosystem building.
According to the official information, KuCoin raised $150 million led by Jump Crypto through a pre-Series B round in May, bringing its total investments to $151 million this year. Since its establishment, KuCoin has developed into a top 5 crypto exchange with a huge amount of users and transactions. In its H1 Review Report of 2022, it is noted that KuCoin has over 20 million users and more than $2 trillion in trading volume. For allocation of the investments, KuCoin emphasizes the KCS ecosystem and KCC have the priority.
In a press release issued on July 21, Johnny Lyu, the CEO of KuCoin, said:” We will use the SIG investment to further improve the leading status of KuCoin in the decentralized exchange and enrich the integrity of the Web 3.0 ecosystem.”(Quoted from the press release, named 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.) The picture in the press release also visually demonstrates KuCoin's commitment to supporting quality start-up projects in the KCC ecosystem.
(image source : BW)
At the beginning of this year, KuCoin announced it would give more and more support to the KCC ecosystem. On March 29, 2022, KCC co-release KCS Whitepaper with the KCS Management Foundation and KuCoin, aiming to point out the development of the KCS ecosystem in the future. In the paper, it is noted that KCC is the key to the current development of the KCS ecosystem, which helps to improve the infrastructure of the KCS ecosystem in the decentralisation and enrich the integrity of the ecosystem. Meanwhile, KCS Whitepaper also revealed the KCC's plan for phased development.
KCC aims to vigorously enrich the on-chain ecosystem and infrastructure in 2022. At the first, KCC launched the ＄50 million Ecosystem Accelerator Program for discovering and supporting KCC’s elite projects. It also successfully held the KCC Unicorn Contest in Q2 and provided project funds and market exposure for MojitoSwap, OpenLeverage and other high-quality projects. Recently, KCC also announced the Validator Election and open registration channel to institutions and investors, aiming to further enhance the democratic autonomy of KCC and share the KCS on-chain revenue with KCS holders.
In terms of project incubation and support, KCC also cooperates with the KCS ecosystem to build the DeFi infrastructure. As for official information, KCC launched the decentralized lending protocol Torches Finance, the stablecoin trading Klein Finance and sKCS. Combined with the previously launched MojitoSwap, KCC has a rich on-chain infrastructure in the DeFi field. Users can invest multiple asset portfolio plays on KCC, probably laying a good user and technical foundation for DeFi development.
It also shows that KCC and KuCoin offer various sources for the above projects. Torches Finance and Klein Finance had strategic investment by KuCoin Ventures and Torches was also deeply incubated by KCC. On-chain projects on KCC have deep collaboration with the KuCoin ecosystem. For instance, Torches had strategic cooperation with KuCoin Wallet and launched a new Guardian Star activity with KuCoin Win.
In summary, KuCoin and the KCS ecosystem pay attention to the development of KCC and provide more and more sources, such as funds support for the elite projects on KCC, joint exposure of market resources, Web3.0 ecosystem cooperation, etc. With the emergence of synergy between KCC and KuCoin, KCS, as the only fuel on KCC and the native token of KuCoin, is expected to further improve the value.
With the development of KuCoin and the KCS ecosystem, the layout of the KCC ecosystem becomes clear as well as the emergence of on-chain leaders. KuCoin may promote the projects and provide precise support plans to ensure the decentralized dominance of the KCC ecosystem. KCC explores the decentralized market and targets the field of decentralized finance for in-depth exploration, making KCS ecosystem the main battlefield of future finance.
Regarding the projects mentioned above：
About Torches Finance
Torches Finance is a decentralized lending protocol based on KCC, supporting mainstream crypto assets such as BTC, ETH, KCS, USDT, USDC, etc. Users can earn TOR tokens by both depositing and lending assets on Torches Finance.
Visit Torches Finance: https://www.torches.finance/en
About Klein Finance
Klein Finance is DEX of liquidity pools on KCC designed for high efficient and low-risk stablecoin trading.
About sKCS
sKCS is a liquidity staking protocol for KCS on KCC. Users can stake KCS into sKCS and receive sKCS. sKCS can be used to participate in other DeFi products to obtain higher returns or unstake back to KCS at any time.
Visit sKCS: https://skcs.io/home
