A lot of crypto industry biggies are collaborating on different aspects ensuring that each benefit from the other. But amidst such great collaborations, the biggest emergent winner out of this is the industry itself which itself is growing by leaps and bounds. Adding to many such collaborations has been the unveiled dealings between the crypto exchange KuCoin and with another exchange Poloniex to take the crypto industry forward.
A statement which was provided after the news broke out said:
“KuCoin and Poloniex will join hands in trading technology research and development, liquidity sharing, product iterations, PoS [proof-of-stake], and PoW [proof-of-work] mining pools, and other industrial exploration.”
Instead of being in competition with each other, together both the exchanges present strength. And their association with each other looks for the long term progress of the crypto industry and with the hope that something good comes out of the partnership. KuCoin’s decision to ally with Poloniex will help both the entities in question. They can possibly lend their strengths to each other and work towards their weaknesses to become a powerful force in the crypto space.
Johny Lyu, CEO of KuCoin Global also acknowledged in a statement that today’s international political, economic, and financial situation is complex. Global institutional investors as well as individual investors are now looking to manage the new systematic risks thrown and long-term strategic returns of high-quality assets.
“Decentralized digital assets that are neither endorsed nor supported by sovereign credit are rapidly becoming one of the world’s most popular quality investing targets.”
There are innumerable opportunities lying ahead and such collaborations will only help untap such opportunities. The blockchain industry and crypto industry have been burgeoning and the never-ending opportunities call for such collaborations. If opportunities are not grabbed this very moment while they are hot on the lines, it would mean forgoing it until someone else takes over. Lyu went on to explain :
“I believe, when we look back in five years, the strategic partnership between KuCoin and Poloniex would be viewed as a remarkable milestone of the digital assets industry.”
It is rather a bold move in the crypto industry which also should be a reckoner for others because the overall goal should be to mitigate risks and accelerate the growth of the industry.
Shelly Wu who is the Vice President of Global business and marketing for Poloniex exchange, the second part of the collaboration, talked about how competitive the crypto industry is in actuality. She believes that it is important to make the best use of the competitive scenario. She also said that a different approach should be used to counter competitive forces like this partnership deal between KuCoin and Poloniex. Organizations should now join hands so that they can pursue common goals of seeing a better crypto industry every day.
Back in March, KuCoin shifted its leadership, making Lyu CEO, while making then-CEO Michael Gan the chairman of the exchange’s overwatch entity, KuGroup.