A cryptocurrency exchange KuCoin, which is based in Singapore, recently invested $3 million in Australia’s local exchange Bitcoin Australia. The report from the Australian Financial Review [AFR] was published, stating the clear nature of the deal for both the exchanges. The crypto player and traders, after having their name in the market, are aiming to expand internationally.
KuCoin, launched in September, allows investors to become a direct stakeholder in its success. While most cryptocurrency investments are uncertain, Kucoin exchange allows investors to purchase Kucoin Shares (KCS), which is similar to owning the shares in a company on the stock exchange.
The Australian Financial Review [AFR] reports, Singapore based KuCoin crypto exchange, recently invested $3 million in Australia’s local exchange Bitcoin Australia. The chief executive of Bitcoin Australia said, “KuCoin is designed for speculative investors and offers 300 different cryptocurrencies to buy and sell and it doesn’t do any onboarding. 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.”
With the funding received Bitcoin Australia plans its own international expansion targeting 30 countries before the end of 2020. KuCoin, with its 300 employees, has more than 4 million users on its platform and transacts $US500 million per month.
KuCoin is also working on the alpha version of its fiat exchange that is expected to launch in Q4 2018. Chief executive Michael Gan said, “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.”
Bitcoin Australia’s newly-gained investment toward expansion plans comes at a time when domestic exchanges are regulated by the Australian Transactions and Reporting Analysis Center (AUSTRAC). Introduced in April, the regulations mandate domestic exchanges to enrol in the watchdog’s register while complying with know-your-customer (KYC) and anti-money laundering & counter-terrorism financing (AML/CTF) norms.