Singapore platform for trade in virtual currencies KuCoin has financed the regulated Australian crypto-exchange in the framework of the new joint venture, reports Australian Financial Review.
According to his information, KuCoin has provided $3 million to Bitcoin Australia trading bitcoin and Ethereum, which will allow the Asian platform to enter the Australian market with a view to large investors.
Bitcoin Australia, meanwhile, intends to use the proceeds to expand its business among retail investors at the global level. The exchange was founded in 2015 and is represented in Canada and the Netherlands in addition to the home market. Bitcoin Australia CEO Rupert Hackett said that by the end of 2020 his company will serve traders from 30 countries.
Speaking about the new joint venture of the two trading floors, he said:
“In fact, an exchange for traders of medium and advanced level will be created. At the same time, we focus on the mass market, so we complement each other. We will worry about the user experience of investors who are just entering the market, while at the same time supporting KuCoin, which is oriented to advanced traders.”
The KuCoin exchange currently trades exclusively in currency pairs and plans to launch a fiat trading platform in the fourth quarter of this year. According to the data of CoinMarketCap, over the past 24 hours its volume of trading amounted to $10.5 million. The exchange has 300 employees and more than 4 million users, the media reported.
“I would like to confirm that this is true,” said KuCoin CEO Michael Gan, commenting on the deal on LinkedIn. “This is not only an excellent strategic solution, but also a long-term partnership that will promote the growth of the world’s cryptocurrency.”
Last week it became known that Australian stock exchanges will be regulated in accordance with general principles that apply to other players in local financial markets, which means toughening requirements for customer identification and countering money laundering.