By Hassan Mehmood (Saudi Arabia)
Two prominent cryptocurrency exchanges, KuCoin and Poloniex, will join hands to benefit the whole crypto industry by making distinguishable efforts such as research development.
Cryptocurrency exchange KuCoin announced to work with Poloniex to add a share in the development and growth of the crypto industry. The statement reads:
“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.”
Joint Work Instead of Competition
There is a competition among exchanges, but Poloniex and KuCoin will work together instead of competing with each other. Both companies will endeavor to form a research entity in an attempt to move the crypto industry forward. Johnny Lyu, CEO of KuCoin Global said:
“Due to the complexity of today’s international political and economic situation, global institutional and even individual investors are seeking to balance the new systemic risk 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,” he added.
Exemplary Collaboration
The partnership between two renowned firms in the crypto world will set an exemplary collaboration and such initiatives are needed for the growth of the industry. KuCoin CEO further stated,”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.”
The vice president of global business and marketing at Poloniex, Shelley Wu, said:
“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. The partnership has set a firm and influential role model.”
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