KuCoin, one of the more significant crypto exchanges out there, has recently revealed that it had made dealings with Poloniex, another crypto exchange. This comes in an effort to push the crypto industry forward as a whole.
Teaming Up To Explore New Sectors
In a public statement, KuCoin explained that it would team up with Poloniex when it comes to development, research of trade technology, product iterations, liquidity sharing, as well as both Proof of Work (PoW) and Proof of Stake (PoS) mining pools. This comes among various other industrial explorations.
With these two forces working together, the exchanges stated that they aim to help the crypto industry as a whole make progress, as opposed to trying to out-compete each other within the sector. This was explained within the statement itself. The new partnership will entail the two exchanges to form a joint research entity, as well as other endeavors yet to be specified.
The Mandatory Kind Words
The statement from KuCoin detailed that this partnership with Poloniex stands to help both entities, as each of these entities will lend their strength to the other.
Johnny Lyu stands as the CEO of KuCoin Global, and gave comment about this move. He explained that individual investors and global institutions alike are eager to strike a balance between the long-term strategic returns and the systemic risks when it comes to high-quality assets.
Lyu claimed that decentralized digital assets are rapidly becoming the most popular quality investing target for the world at large. He cited the reasons for it being the fact that sovereign credit is neither capable of endorsing or supporting it, thus making it immune to outright regulation.
Shelly Wu stands as the Vice President of Global Business and Marketing for Poloniex and gave their own statement about the matter. Wu highlighted that the crypto industry has a very competitive nature to it, and proposed that a different approach could be made. This approach can now be seen with the partnership of KuCoin and Poloniex, using this as an example. Wu highlighted how these two entities will now make joint efforts in order to pursue common goals.
Shaking Things Up
It was back in March when KuCoin made a change in leadership. The then-CEO, Michal Gan, stepped down as CEO and took on the position of chairman of KuGroup, the overwatch entity for the exchange itself. Lyu took Gan’s place as CEO, in turn.