The cryptocurrency KuCoin has entered deals with another exchange, Poloniex, in an effort to push the crypto industry forward.

“KuCoin and Poloniex will engage in technology research and development, liquidity distribution, product refining, PoS [Proof of Stake] and PoW [Proof of Work] and other industrial research,” Cointelegraph said in a statement. …

The statement said that together, Poloniex and KuCoin aim to help the cryptocurrency industry grow as a whole, rather than competing with each other in the sector. The couple’s joint initiatives include setting up a research unit, as well as other unspecified actions.

It said in a statement that KuCoin’s decision to merge with Poloniex is helping both sides, as they give each other their power.

“Given the complexity of the current international political and economic environment, global institutional investors and even individuals are striving to balance emerging systemic risks with long-term strategic returns from high-quality assets,” said Johnny Liu, KuCoin Global’s CEO. statement. …

“Decentralized digital assets that have not been approved or supported by government credit are rapidly becoming one of the most popular high-quality investment targets in the world.”
Liu said the cooperation is helping the two companies take advantage of the growing crypto and blockchain industry. He added boldly, “I think that if we look back five years ago, the strategic partnership between KuCoin and Poloniex would be a milestone in the digital asset industry.”

Shelley Wu, Vice President of Business and Global Marketing at Poloniex, described the competitive nature of the cryptocurrency industry. She suggested a different approach, based on the partnership between Poloniex and KuCoin, that involved joint efforts to achieve common goals.

In March, KuCoin changed leadership and appointed Liu as CEO, while Michael Gang appointed CEO at the time as head of KuGroup’s exchange oversight division.

Source: CoinTelegraph