Poloniex and KuCoin are teaming up to create the first-ever strategic partnership to boost up the cryptocurrency industry while throwing opportunities in the new decentralized financial era.
In an announcement on Sep 18, Poloniex by Circle announced the latest collaboration with its competitor and one of the world’s leading digital asset exchanges KuCoin by KuCoin Group.
Both the companies are categorized as cryptocurrency exchanges and serving the decentralized finance industry from the past few years.
As per the blog, the motive is to jointly promote the digital asset market that would usher new developments and create unity amongst the market which would play a role of a catalyst for the growing industry segment. Meaning, the strategic partnership is an attempt to expand its footprints globally while serving the new-fangled industry.
The blog reads:
Instead of “intra-industry competition” the partnership will set translation into an incremental market towards the “mass development.”
In a collaboration, Poloniex and KuCoin are aiming to grind together to work on robust “trading technology research and development, liquidity sharing, product iterations, PoS and PoW mining pools, including other industrial exploration.
Also, both the exchanges are planning to set up a joint research institute with an objective to discover new industry opportunities while co-investing in research resources like in derivatives along with other undisclosed matching engine technology.
The partnership is proposed to be a win-win situation for both the crypto exchanges. KuCoin would deploy its expertise in matching engines and futures to support Poloniex in expanding derivatives.
Poloniex’s extensive experience in expanding the global market will provide a solid foundation for KuCoin to explore new opportunities in blockchain.
With the latest initiatives, both the exchanges are trying to build a cooperative environment that can benefit everyone.
Poloniex VP of Global Business and Marketing Shelley Wu considered this partnership as a firm and influential role model that is ready to set the stage for everyone to grow.
Wu commented, “We are very excited to be able to reach a strategic partnership with KuCoin. For a long time, the digital-asset exchange industry has been in a state of internal attrition and competition, but this is not healthy for the industry. The strategic cooperation between Poloniex and KuCoin shows that there is not only competition in the industry, but also the possibility of mutually beneficial cooperation and collaboration. When the industry can unite as one and forge ahead, the entire industry will benefit from it.”
KuCoin CEO Johnny observed this strategic partnership as a remarkable milestone in the digital assets industry from the future perspective. “The strategic cooperation between KuCoin and Poloniex will enable both exchanges to better capture opportunities in the blockchain era. As this strategic move follows the development trend of the digital asset industry, we will be able to capture the incremental market growth and bring prosperity to this industry from multiple dimensions.”
Earlier in 2019, Poloniex also partnered with TRON founder and BitTorrent CEO Justin Sun including other investors to “bring blockchain and digital assets to new heights and to provide the ultimate trading experience for investors across the globe.”