18 Sep 2020 #Bitcoin
Crypto exchanges Poloniex and KuCoin are set to research the crypto industry together, hope to benefit the whole sector. Crypto exchange KuCoin has unveiled dealings with another exchange, Poloniex, in an effort to move the crypto industry forward.
"KuCoin and Poloniex will join hands in trading technology research and development, liquidity sharing, product iterations, PoS [proof-of-stake] and PoW [proof-of-work] mining pools, and other industrial exploration," said a statement provided to Cointelegraph.
Together, Poloniex and KuCoin aim to help the crypto industry progress as a whole, instead of competing against each other within the sector, the statement detailed. Joint initiatives for the pair include forming a research entity, as well as other unspecified endeavors.
KuCoin's decision to team up with Poloniex helps both entities, as each lends its strengths to the other, the statement said.
"Due to the complexity of today's international political and economic situation, global institutional and even individual investors are seeking to balance the new systemic risk and long-term strategic returns of high-quality assets," Johnny Lyu, CEO of KuCoin Global, acknowledged in the statement.
"Decentralized digital assets that are neither endorsed nor supported by sovereign credit are rapidly becoming one of the world's most popular quality investing targets."
The collaboration aids the two companies in taking advantage of opportunities held in the burgeoning crypto and blockchain industry, Lyu explained. "I believe, when we look back in five years, the strategic partnership between KuCoin and Poloniex would be viewed as a remarkable milestone of the digital assets industry," he boldly added.
Shelley Wu, vice president of global business and marketing for Poloniex, described a competitive nature within the crypto industry. She proposed a different approach, using the Poloniex and KuCoin partnership as an example, which includes joint efforts in pursuit of common goals.
Back in March, KuCoin shifted its leadership, making Lyu CEO, while making then-CEO Michael Gan the chairman of the exchange's overwatch entity, KuGroup.
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.