Despite the ongoing global crisis fueled by intensifying coronavirus fears, Singapore-based cryptocurrency exchange KuCoin takes action to expand its services and restructure business.
Backed by major venture capital firm IDG Capital, KuCoin exchange has established KuGroup, a core division of the company that will manage all KuCoin products.
KuCoin announces two new appointments alongside company restructuring
According to a March 17 announcement, KuGroup encompasses three business divisions in the company, including KuCoin Global, KuCloud and KuChain & KCS Business Group.
As part of the strategy and company structure upgrade, KuGroup has carried out some restructuring in its team, appointing KuCoin CEO Michael Gan as the chairman of KuGroup to oversee the global strategy of KuCoin Global. He has also been tasked with driving blockchain development at KuChain, a public chain powered by KuCoin.
Additionally, Johnny Lyu, a co-founder of KuCoin, will now act as CEO of KuCoin Global, the announcement says. Johnny will be primarily responsible for day-to-day operations of KuCoin crypto exchange, derivatives arm KuMEX, mining-oriented division Pool-X as well as the ecosystem on its native token Kucoin Shares (KCS).
KuGroup’s updated business structure. Source: KuCoin
KuGroup sees COVID-19 outbreak “more like an opportunity for the blockchain industry”
In conjunction with announcing the news, the newly appointed KuGroup’s executives hosted an Ask Me Anything (AMA) session on Telegram on March 17. During the AMA, KuCoin Global CEO Johnny Lyu emphasized that the shift in the top management of KuCoin will not trigger any departures from the company, noting that both he and Michael have been at KuCoin since its inception.
As KuCoin’s restructuring comes amid the ongoing global coronavirus panic, the AMA also touched upon the burning question of how the change is connected with the outbreak. Michael Gan expressed confidence that blockchain community actors should perceive the outbreak as a challenge for the blockchain industry as a whole. The executive said:
“I see this more like an opportunity for the blockchain industry actually. For instance, during the outbreak in China, many companies leverage the blockchain tech to contribute to dealing with the virus. This is a good way to show everything what blockchain can do.”
Additionally, KuCoin exchange outlined its ambitious plans to tap potential markets all over the globe. Founded in September 2017, KuCoin provides a wide number of crypto services to more than five million users across 207 countries and regions throughout the world. When asked whether the company has a specific direction of focus worldwide, Michael answered:
“As a global exchange, we’d like to target all potential markets. 2020 will see many new countries open its doors to blockchain, and we’d like to put more effort into them. India, for instance, is one of them.”
KuCoin is known for raising $20 million in a financial round led by IDG Capital, a major Chinese investment firm that invested early in Chinese Internet moguls like Baidu and Tencent. Ranked the 74th biggest crypto exchange by daily trading volume, KuCoin has supported one of the world’s biggest crypto exchanges, Binance. In June 2019, KuCoin listed Binance’s native token, BNB, also announcing that the exchange will support projects based on Binance’s native blockchain, Binance Chain.