Bitcoin Australia Receives $3M AUD Funding From Crypto Exchange KuCoin

Announcements, Investing, News | September 12, 2018 By:

Singapore-based crypto exchange KuCoin has invested AUD $3 million ($2.1M USD) in Bitcoin Australia, enabling the Singaporean exchange operator to enter the Aussie market.

Kucoin is a multi-cryptocurrency exchange that offers trading pairs such as BTC/BCH, BTC/DASH, BTC/NEO, BTC/ETH, BTC/RDN, BTC/LTC, BTC/CVC, BTC/KCS, BTC/RPX, etc. It also provides users with a mobile app available for iOS and Android. KuCoin claims to have more than 4 million users on its platform and transacts $500 million per month. The company also employs 300 people.

Founded in 2015, Bitcoin Australia provides transaction services for the 2 main cryptocurrencies, bitcoin and ether. It has a presence in Canada and the Netherlands beyond its shores presently.

The invesment wil enable KuCoin to expand its footprint in Australia with a marked focus on high-end, advanced investors. Bitcoin Australia, on the other hand, will use the money to fund its own expansion efforts into 27 new markets in the next two years.

“The UK is our next primary target. We offer the ability to purchase cryptocurrency already, but there’s a big difference between that and a bespoke experience,” Bitcoin Australia chief executive Rupert Hackett. “We want it to be seamless with the payment infrastructure in the UK and build up the brand.”

Hackett added that the deal will result in increased demand for cryptocurrency from both Australian and international investors.

“It will effectively create an exchange for intermediate and advanced traders, while we’re a mass market approach, making us quite synergistic,” Hackett said. “We’ll build the consumer-friendly retail experience for people entering the market, while supporting KuCoin for advanced traders.”

Michael Gan, CEO of KuCoin, confirmed the deal in an online post, saying that: “This is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow globally.”