Singapore crypto exchange KuCoin set to expand after $3m Bitcoin Australia deal

One of the world’s largest cryptocurrency exchanges, KuCoin, has invested in local exchange Bitcoin Australia and formed a new joint venture which will see the Singaporean exchange expand locally.

The company has invested almost $3 million into Bitcoin Australia, which intends to use the funding to embark on its own aggressive international expansion, as well as to help KuCoin enter the local market. It has previously raised capital from Dominet Venture Partners.

Bitcoin Australia chief executive Rupert Hackett told The Australian Financial Review the businesses had clear synergies, with KuCoin targeting sophisticated investors, while Bitcoin Australia aimed to make cryptocurrency trading possible for the mass market.

Despite Bitcoin and other cryptocurrencies falling dramatically in value recently, he said he was confident in 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,” Mr Hackett said.

“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.”

KuCoin already has more than 4 million users on its platform and transacts $US500 million per month. It also employs 300 people.

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Source: Singapore crypto exchange KuCoin set to expand after $3m Bitcoin Australia deal | afr.com