KuCoin exchange restructures amid growing business extensions

Getting your Trinity Audio player ready...

Digital asset exchange KuCoin has announced it is forming a group company, as part of a wider restructuring in response to strong growth across its business.

In an announcement, the exchange said the group company will oversee three separate ‘business extensions’—KuCoin Global, KuCloud, and the KuChain.

The extensions will each focus on their own distinct area of the business, in line with KuCoin’s global strategy, commitment to pushing blockchain innovation, and to encourage wider adoption of digital currencies.

The move comes in response to significant growth at KuCoin, as the company expands into new international markets. It comes as the Seychelles-based exchange appointed CEO Michael Gan as chairman, and co-founder Johnny Lyu as CEO of the newly formed group company, KuGroup.

On his appointment, Gan said there were significant opportunities ahead in mass adoption, which would benefit KuChain and the wider KuCoin ecosystem.

As a growing number of countries such as India, Korea, and France open its door to blockchain and crypto, the mass adoption will be inevitable and KuChain as well as its ecosystem will largely contribute to this trend.

KuCoin co-founder Johnny Lyu said the exchange had already demonstrated value to its users, and was committed to becoming the best place to trade digital currencies as it continues to grow worldwide: “Over 65 billion transaction volume has been handled so far and we will continue our journey to make KuCoin the best place to trade. Please stay tuned for more updates regarding KuCoin, KuMEX, Pool-X, KCS, and KuChain that will be announced in the next few weeks.”

The development follows KuCoin’s decision to list BSV back in November 2019. In doing so, the company became the latest digital asset exchange to offer BSV trades to its users, making it easier to buy and sell BSV.