Cryptocurrency exchange KuCoin announced deals with another exchange, Poloniex, to advance the crypto industry.
“KuCoin and Poloniex will join forces in research and development in commercial technology, liquidity sharing, product iterations, proof of stake and PoW (proof of work) mine pools and other industrial exploration.” according to a testimony to Cointelegraph.
Together, Poloniex and KuCoin aim to help the crypto industry as a whole move forward rather than compete with each other within the sector, the detailed statement said. The couple’s joint initiatives include the formation of a research unit and other unspecified measures.
KuCoin’s decision to partner with Poloniex benefits both companies. since each gives the other his strength, so the statement.
“Given the current complexity of the international political and economic situation, global institutional investors and even individual investors are trying to reconcile the new systemic risk with the long-term strategic returns of high value assets.” accepted Johnny Lyu, CEO of KuCoin Global, in the statement.
“Decentralized digital assets that are not guaranteed or supported by government loans are fast becoming one of the most popular quality investment destinations in the world.”
The collaboration will help both companies capitalize on the opportunities in the burgeoning cryptocurrency and blockchain industries, he explained. Lyu. “I think when we look back five years from now, the strategic partnership between KuCoin and Poloniex will be seen as a remarkable milestone for the digital asset industry,” he added boldly.
Shelley Wu, Vice President for Business and Global Marketing at Poloniex, described the competitive nature of the crypto industry. He suggested a different approach, using as an example the Poloniex-KuCoin partnership, which includes joint efforts to pursue common goals.
March, KuCoin changed leadership and named Lyu CEO, while then CEO Michael Gan took over the chairmanship of the exchange’s watchdog, KuGroup.