KuCoin Partners with Bitcoin Australia for 3 Million AUD

Sep 10, 2018 at 21:42

KuCoin, a crypto exchange headquartered in Singapore, has reportedly invested as much as three million Australian dollars to partner with Bitcoin Australia, a local crypto trading firm in the region.

According to news portal, Australian Financial Review, KuCoin’s move is part of its plans to enter the Aussie market with a focus on high-end and advanced investors.

On the other hand, Bitcoin Australia said that it will utilize the gained funds to allocate money for its own expansion plans to venture on various retail investor markets globally. At present, outside its home country, it has presence in Canada and the Netherlands.

“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,” Bitcoin Australia chief executive, Rupert Hackett said in an interview.

He noted that KuCoin’s investment will help them in attaining the company’s plan to expand to 30 markets within the next two years.

“Because we’re a regulated cryptocurrency exchange, we can leverage that in these international markets and foster business relations on that foundation… The UK is our next primary target. We offer the ability to purchase cryptocurrency already, but there’s a big difference between that and a bespoke experience. We want it to be seamless with the payment infrastructure in the UK and build up the brand,” Hackett further explained.

It can be recalled that last March, Bitcoin Australia also forged a partnership with payments platform, Blueshyft.

On the other hand, KuCoin currently has $10.5 million in transactional volume over a 24-hour period and $500 million monthly while employing over 300 people and serving as much as 4 million users in its platform.

The Singaporean crypto exchange also maintain its native coin, KuCoin Shares which is currently valued at $1.1839 a piece with a market cap of $107,417,591.

A review of the said coin can be accessed here https://disruptblock.com/cryptocurrency/kucoin-shares-kcs/.

Over the weekend, Michael Gan, Kucoin’s chief executive officer, confirmed the said teamup.

“I have been told that some users noted that KuCoin has accomplished investing in Bitcoin Australia, a leading Australian cryptocurrency exchange. I want to confirm that this is true. This is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow globally,” he expressed in a statement.

His full insight about the said partnership can be read here https://news.kucoin.com/en/update-on-platform-2-0-and-the-future-plans-of-kucoin/