Crypto exchange KuCoin has just announced its association with Poloniex. The aim of the cooperation is reportedly to help the crypto industry move forward. According to Cointelegraph, both exchanges have said through a joint press release:
"KuCoin and Poloniex will join hands in trading technology research and development, liquidity sharing, product iterations, PoS and PoW mining pools, and other industrial exploration."
According to the press release, Poloniex and KuCoin expect the association to help the crypto sector grow as a whole, instead of competing with each other. Among other things, both companies plan to establish a research organization, as well as other efforts.
KuCoin's decision to team up with Poloniex is beneficial to both platforms due to the fact that each offers its own strengths. Johnny Lyu, CEO of KuCoin Global, 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."
Shelley Wu, vice president of global business and marketing for Poloniex, has described a new approach through the partnership between Poloniex and KuCoin that involves joint efforts to reach common goals.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.