Regardless of the continued international disaster fueled by intensifying coronavirus fears, Singapore-based cryptocurrency trade KuCoin takes motion to develop its companies and restructure enterprise.

Backed by main enterprise capital agency IDG Capital, KuCoin trade has established KuGroup, a core division of the corporate that can handle all KuCoin merchandise.

KuCoin publicizes two new appointments alongside firm restructuring

Based on a March 17 announcement, KuGroup encompasses three enterprise divisions within the firm, together with KuCoin World, KuCloud and KuChain & KCS Enterprise Group.

As a part of the technique and firm construction improve, KuGroup has carried out some restructuring in its staff, appointing KuCoin CEO Michael Gan because the chairman of KuGroup to supervise the worldwide technique of KuCoin World. He has additionally been tasked with driving blockchain improvement at KuChain, a public chain powered by KuCoin.

Moreover, Johnny Lyu, a co-founder of KuCoin, will now act as CEO of KuCoin World, the announcement says. Johnny will probably be primarily chargeable for day-to-day operations of KuCoin crypto trade, derivatives arm KuMEX, mining-oriented division Pool-X in addition to the ecosystem on its native token Kucoin Shares (KCS).

KuGroup’s up to date enterprise construction. Supply: KuCoin

KuGroup sees COVID-19 outbreak “extra like a possibility for the blockchain business”

Along with asserting the information, the newly appointed KuGroup’s executives hosted an Ask Me Something (AMA) session on Telegram on March 17. Through the AMA, KuCoin World CEO Johnny Lyu emphasized that the shift within the high administration of KuCoin won’t set off any departures from the corporate, noting that each he and Michael have been at KuCoin since its inception.

As KuCoin’s restructuring comes amid the continued international coronavirus panic, the AMA additionally touched upon the burning query of how the change is linked with the outbreak. Michael Gan expressed confidence that blockchain neighborhood actors ought to understand the outbreak as a problem for the blockchain business as an entire. The chief said:

“I see this extra like a possibility for the blockchain business really. As an example, in the course of the outbreak in China, many corporations leverage the blockchain tech to contribute to coping with the virus. This can be a good technique to present every little thing what blockchain can do.”

Moreover, KuCoin trade outlined its formidable plans to faucet potential markets everywhere in the globe. Founded in September 2017, KuCoin supplies a large variety of crypto companies to greater than 5 million customers throughout 207 international locations and areas all through the world. When requested whether or not the corporate has a particular path of focus worldwide, Michael answered:

“As a world trade, we would like to focus on all potential markets. 2020 will see many new international locations open its doorways to blockchain, and we would prefer to put extra effort into them. India, as an example, is one in every of them.”

KuCoin is thought for elevating $20 million in a monetary spherical led by IDG Capital, a significant Chinese language funding agency that invested early in Chinese language Web moguls like Baidu and Tencent. Ranked the 74th greatest crypto trade by every day buying and selling quantity, KuCoin has supported one of many world’s greatest crypto exchanges, Binance. In June 2019, KuCoin listed Binance’s native token, BNB, additionally asserting that the trade will assist initiatives primarily based on Binance’s native blockchain, Binance Chain.