The KuCoin Crypto Exchange is growing its business by tapping into the Australian market. The exchange, based in Singapore, has partnered with a regulated local exchange. It has spent AUD $3 million to invest in the domestic exchange, Bitcoin Australia.
KuCoin Crypto Exchange’s partnership benefits
KuCoin Crypto Exchange’s partnership with Bitcoin Australia stands to benefit both firms. The Singapore exchange will expand its operations into the Aussie market. KuCoin is set to focus on the high-end or advanced traders in the new market.
On the other hand, Bitcoin Australia plans to utilize its newly acquired funds to finance its expansion strategy. Currently, the Aussie firm runs operations in both Canada as well as the Netherlands. However, it is now set to grow its business into the retail investor markets across the globe. According to its CEO, Rupert Hackett, the exchange plans to expand into 30 countries in the next two years.
Through a statement he issued to the Australian Financial Review, Hackett pointed out, “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.”
Strategic partnership
KuCoin’s Chief Executive Officer, Michael Gan, confirmed that his firm’s investment report was real. He stated that the move was a strategic one and that the partnership will hopefully be a long lasting one. Since Bitcoin Australia will use the funds to expand globally, Gan feels the partnership will aid Crypto’s growth internationally.
Meanwhile, the partnership follows the move by the Australian Transactions and Reporting Analysis Center to regulate local exchanges. The rules require all exchanges to register with the watchdog. Additionally, exchanges must comply with know-your-customer (KYC) procedures. Finally, the crypto firms should adhere to counter terrorism financing and anti-money laundering protocols.
KuCoin exchange boasts over 4 million users visiting its platform and transactions amounting to U.S. $500 million a month. The exchange is developing its fiat alpha version to be unveiled later in the year.
