KuCoin remains in talks to obtain ailing cryptocurrency business, claims CEO

Crypto exchange KuCoin may be complying with in FTX s steps after the CEO disclosed that they remain in talks to acquire some ailing cryptocurrency firms. KuCoin & s CEO Johnny Lyu told Benzinga in a current interview that the crypto exchange remains in talk with acquire some battling companies.

Some crypto companies needed to apply for bankruptcy, while others downsized their workforce due to the ongoing bearishness.

This has actually given the stronger firms like FTX the opportunity to bail out and also obtain the troubling firms.

KuCoin is now aiming to comply with the same course after exposing this in a recent meeting. Lyu claimed;

We are actively wanting to help and also purchase troubling businesses, and also we are picking our future partners. One of the most important thing we look for is core modern technologies, so we will certainly choose to deal with companies that possess technologies, and after that we will consider those tasks that are unintentionally injured by previous incidents. We have an interest in specific companies, as well as they are additionally curious about working with us. We will certainly take a seat with each other and cut a deal.”

However, Lyu exposed that KuCoin would certainly rule out business that lack technological competence.

He added that KuCoin was above the profit-making phase now, as well as the firm s goal is to work hard to make a better payment to the wider cryptocurrency sector.

In addition, Lyu said KuCoin would remain to collaborate with partners who really count on the market as well as can add to the development of the market with the cryptocurrency exchange in the future.

Experts remain to compare the performances of the crypto market keeping that of the conventional economic markets. Nonetheless, Lyu stated the contrast is not healthy and balanced. He claimed;

We are not mosting likely to be able to grow better if we continue to comply with the rules set by centralized monetary markets, as well as we will certainly likewise be hitting the ceiling very soon if we comply with these monetary policies and also traditional regulations, particularly in terms of development of our crypto quantity.”

KuCoin is the fifth-largest cryptocurrency exchange, according to Coinmarketcap, tape-recording virtually $1 billion in everyday trading quantity.

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