KuCoin Invests $3 Million AUD Into Bitcoin Australia Exchange For Global Growth
KuCoin, a Singapore-based cryptocurrency exchange has declared that it is heading to Australia. The crypto exchange is betting multi-million on investment in the country.
In a report by the Australian Financial Review (AFR), KuCoin has devoted AUD $3 million on investment in Bitcoin Australia, a local exchange responsible for bitcoin and Ethereum trading in the country. The new investment will pave way for KuCoin to enter the country.
The investment in Bitcoin Australia is going to give the local exchange the opportunity to expand into retail investor markets all over the world. Bitcoin Australia was founded in 2015, the exchange is also available in Canada and the Netherlands.
Chief executive of the exchange, Rupert Hackett asserts that he crypto company is serious about expanding to 30 countries before 2020 ends.
He told AFR:
“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 is a cryptocurrency to cryptocurrency only exchange, the platform is at present working on the alpha version of its fiat exchange which information says will launch in Q4 of 2018.
KuCoin has witnessed $10.5 million in transactional volume over a 24-hour period, CoinmarketCap data has shown, and employs 300 people, with more than 4 million users.
Speaking on the investment, KuCoin chief executive Michael Gan said “I want to confirm that this is true,” adding that,
“This is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow globally.”