KuCoin Ventures Makes Strategic Investment in sKCS.io, a Liquidity-Staking Protocol on KCC

2022/08/04 10:00:00

KuCoin, a leading global cryptocurrency trading platform, announced that its venture capital arm – KuCoin Ventures, has made a strategic investment in sKCS.io, the first liquidity-staking protocol based on the KuCoin Community Chain (KCC). The KCS Management Foundation, a governing structure responsible for the development of the KCS ecosystem, joined the investment round.

sKCS.io is dedicated to providing users with a simple and easy-to-use DeFi product with stable returns, allowing users to stake KCS and receive sKCS. sKCS can be used to participate in other DeFi products to obtain higher returns or unstake to KCS at any time. As an underlying asset protocol on KCC, sKCS.io helps users experience the composability of DeFi protocols in one click. Apart from the attractive yields that sKCS.io offers, it is also expected to become the next highly-recognized asset on the KCC. Currently, nearly 10,000 KCS are staked in the sKCS.io.

The financing will support sKCS.io's team expansion and many other aspects, such as product, technology, and security to improve its user experience and launch more innovative products. With the official launch of sKCS.io, it will focus on developing the market and cooperating with more KCC-based projects to accelerate the prosperity of the KCC ecosystem.

Justin Chou, the Chief Investment Officer of KuCoin, said: "As an important infrastructure for KuCoin to explore the Web-3 environment, we are accelerating the development of the KCC ecosystem. As the first liquidity staking protocol in the KCC ecosystem, sKCS.io creates new use cases for KCS, and plays an important role in the KCC ecosystem. We look forward to working with sKCS.io to facilitate the development of the KCC ecosystem."

Duke Smith, the CEO of sKCS.io, stated: "Liquidity is critical for crypto assets. It is an honor to receive a co-investment from KuCoin Ventures and the KCS Management Foundation. With the support of both parties, we will work to build the KCC ecosystem and facilitate the free flow of asset values."

With the launch of sKCS.io, a Staking campaign will be held, where users can stake KCS to share rewards. In addition, KCS Whales can enjoy more exclusive privileges by participating.

About KuCoin 

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 20 million users in 207 countries and regions.

In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.

About KuCoin Ventures

KuCoin Ventures is the leading investment arm of KuCoin Exchange that aims to invest in the most disruptive cryptocurrency and blockchain projects in the Web-3 era. With the commitment of empowering Crypto/Web-3 Builders with Deep Insights and Global Resources, it is also a community-friendly and research-driven full-stage corporate venture that focuses on DeFi, Game-Fi, Web-3, and infrastructure, working closely with its portfolio projects throughout the journey of entrepreneurship.

About sKCS

sKCS.io is a liquidity staking protocol for KCS on the KCC. Users can stake KCS into sKCS.io and receive sKCS. sKCS can be used to participate in other DeFi products to obtain higher returns or unstake to KCS at any time.