Despite the controversies and challenges this year, KuCoin has emphatically proven that they are still one of the world’s largest cryptocurrency exchanges today. And now as part of their extensive marketing and development, they had invested and established a new joint venture with local exchange Bitcoin Australia in return for a share of the local market.
The company has financed approximately $3 million into Bitcoin Australia, which aims to utilize the funding to start on its aggressive international expansion, as well as to promote KuCoin’s access to the local market. It has previously accumulated capital from Dominet Venture Partners.
Rupert Hackett, the CEO of Bitcoin Australia noted that the businesses had explicit synergies, with KuCoin targeting sophisticated investors, and while Bitcoin Australia is endeavoring to make cryptocurrency trading accessible for the mass market. Even with Bitcoin and other cryptocurrencies dropping dramatically in value lately, he said he is confident about the continued demand from local investors.
“KuCoin is designed for speculative investors and offers 300 different cryptocurrencies to buy and sell, and it doesn’t do any onboarding,” Hackett told The Australian Financial Review. “It will effectively create an exchange for intermediate and advanced traders, while we’re a mass market approach, making us quite synergistic. We’ll build the consumer-friendly retail experience for people entering the market while supporting KuCoin for advanced traders.” as he continued.
For Hackett, the expansion campaign has just begun with the next stop being the United Kingdom after successfully expanding their scope to Canada and the Netherlands. Although Bitcoin Australia has then ventured into the U.K market, it intends to provide U.K cryptocurrency investors a ‘bespoke experience.’
KuCoin headed by Michael Gan presently has more than 4 million users on its platform and trades $US500 million per month. It also operates with 300 people ensuring reliable assistance concerning technical and customer service.