According to the latest news sources, two of the most prominent crypto exchanges have been undergoing plans for a long time to form a partnership in an effort to push the crypto industry forward.
KuCoin and Poloniex which are world-renowned crypto exchange firms involved in providing exchange services based on crypto-assets to the customers of all parts of the world, have come to an agreement with each other. As per the agreement both have committed to research the crypto industry with the help of each other in an effort to create a more benefitting environment in terms of trade and investment for the entire crypto industry.
According to a statement duly published in the Cointelegraph, the statement suggests that Poloniex and KuCoin have mutually decided to collectively provide research relating to technology and development, proof of state (PoS) and proof of work (PoW), liquidity sharing, and other ancillary exploration relating to the crypto industry. The newly formed duo has committed to avoid getting into competition with each other and divert their combined efforts to promote the aims and objectives of the crypto industry as a whole.
Johhny Lyu, who is the CEO of KuCoin said in a statement that the prevailing circumstances require the companies like KuCoin and Poloniex to join hands because due to the constant change in the economic situation, political scenario as well as the behavioral change with regard to local and international investor, whether individual or an institution, are seriously affecting the business and trade everywhere and this is the time when instead of competing with each other, we need to focus on joint efforts to meet the challenges and create a balance where everyone can survive as well as prosper.
The CEO further said that the decentralized digital assets failed to get any support from the sovereign credit and no one came forward to endorse them, however such assets have surprisingly become the most popular digital assets for the purposes of investment.
Shelley Wu, who is the Vice President Poloniex, also said that the partnership between KuCoin and Poloniex will be an example to the entire world of crypto.