Crypto exchanges Poloniex and KuCoin are teaming up to advance the industry. According to a Cointelegraph report, the companies will jointly carry out a number of research projects in the crypto industry.
Also, the two exchanges will combine their strength to help the crypto industry rather than compete against each other. In a statement provided to Cointelegraph, the company said:
“KuCoin and Poloniex will join hands in trading technology research and development, liquidity sharing, product iterations, PoS [proof-of-work] and PoW [proof-of-work] mining pools, and other industrial exploration.”
The CEO of KuCoin Global, Johnny Lyu, also commented on the joint venture. He stated that the collaboration will help the companies to explore available opportunities in the fast-growing crypto and blockchain industry. In addition, he said that the partnership would be viewed as a “remarkable milestone” for the crypto industry in the next five years.
Furthermore, the vice president of global business and marketing for Poloniex talked about the competition that occurs within the crypto industry. She commended Poloniex and KuCoin’s partnership and proposed that other exchanges in the digital assets industry follow the same approach.
Earlier this year, KuCoin established KuGroup to expand its businesses. On the 17th of March, KuCoin announced that Michael Gan had been appointed as chairman and Johnny Lyu as the CEO of KuCoin Global.