Quick take:
- Poloniex and KuCoin have announced the formation of a strategic partnership
- The two exchanges aim at jointly improving the crypto industry
- This will be through joint efforts in R & D, liquidity sharing, PoS and PoW mining pools, promotion of the market and other efforts
The two exchanges of Poloniex and KuCoin have announced a strategic partnership geared towards benefiting the entire crypto-verse. According to the announcement by KuCoin, the two exchanges will collaborate in the research and development of trading technology as well as share market liquidity. Furthermore, they will work together in product enhancements, PoS and PoW mining pools and other explorations.
KuCoin has formed a strategic cooperation with Poloniex. KuCoin and Poloniex will join hands in trading technology research and development, liquidity sharing, product iterations, PoS and PoW mining pools, and other industrial explorations. The two parties will jointly promote the market which will set the existing market to transition into an incremental market.
At the same time, the two parties will also co-invest researching resources in derivatives and the matching engine technology, and set up a joint research institute to explore new industry opportunities.
The team at Poloniex also made the announcement via the following tweet.
🚀Ecstatic to announce Poloniex and @kucoincom are now strategic partners! 🎉
Poloniex and KuCoin will join hands in trading technology research and development, liquidity sharing, product iterations, PoS and PoW mining pools, and more.
More details👇https://t.co/90TbwnecfB pic.twitter.com/2XOFFnviBY
— Poloniex Exchange (@Poloniex) September 18, 2020
The First of What the Future Holds
The partnership between two crypto-exchange heavyweights could foreshadow similar future moves by other prominent exchanges. One needs to just observe the rapid growth of DeFi in the last few months of June, July and August, to fathom the rapid growth of the crypto-industry and the need to evolve with the times. Only a few days ago, the crypto exchange of Kraken recieved a bank charter in the US: the first for any digital asset company.
Furthermore, governments across the world are finally warming up to digital assets and are preparing some form of regulation in their jurisdictions. Such a partnership between KuCoin and Poloniex would benefit both parties in the sense that they can negotiate and/or implement regulatory recommendations jointly, thus propelling the industry forward.