Despite the ongoing global crisis fueled by intensifying coronavirus fears, Singapore-based cryptocurrency exchange KuCoin takes action to expand its services and restructure concern.

Backed by major venture majuscule house IDG Capital, KuCoin substitution has established KuGroup, a core sectionalization of the company that will manage all KuCoin products.

KuCoin announces two new appointments alongside visitor restructuring

According to a March 17 announcement, KuGroup encompasses 3 business organization divisions in the company, including KuCoin Global, KuCloud and KuChain & KCS Business Group.

As function of the strategy and company structure upgrade, KuGroup has carried out some restructuring in its team, appointing KuCoin CEO Michael Gan as the chairman of KuGroup to oversee the global strategy of KuCoin Global. He has also been tasked with driving blockchain evolution at KuChain, a public chain powered past KuCoin.

Additionally, Johnny Lyu, a co-founder of KuCoin, will now act as CEO of KuCoin Global, the annunciation says. Johnny will exist primarily responsible for day-to-day operations of KuCoin crypto exchange, derivatives arm KuMEX, mining-oriented division Pool-X every bit well as the ecosystem on its native token Kucoin Shares (KCS).

KuGroup's updated business concern construction. Source: KuCoin

KuGroup sees COVID-xix outbreak "more like an opportunity for the blockchain industry"

In conjunction with announcing the news, the newly appointed KuGroup'southward executives hosted an Ask Me Anything (AMA) session on Telegram on March 17. During the AMA, KuCoin Global CEO Johnny Lyu emphasized that the shift in the acme direction of KuCoin volition not trigger any departures from the company, noting that both he and Michael have been at KuCoin since its inception.

As KuCoin's restructuring comes amongst the ongoing global coronavirus panic, the AMA likewise touched upon the called-for question of how the change is continued with the outbreak. Michael Gan expressed confidence that blockchain community actors should perceive the outbreak as a challenge for the blockchain industry as a whole. The executive said:

"I see this more like an opportunity for the blockchain industry really. For instance, during the outbreak in Prc, many companies leverage the blockchain tech to contribute to dealing with the virus. This is a skilful way to prove everything what blockchain can do."

Additionally, KuCoin substitution outlined its aggressive plans to tap potential markets all over the earth. Founded in September 2022, KuCoin provides a wide number of crypto services to more than five million users across 207 countries and regions throughout the world. When asked whether the visitor has a specific direction of focus worldwide, Michael answered:

"Every bit a global substitution, we'd like to target all potential markets. 2022 will see many new countries open its doors to blockchain, and we'd similar to put more than effort into them. India, for instance, is one of them."

KuCoin is known for raising $twenty million in a financial round led by IDG Capital, a major Chinese investment firm that invested early in Chinese Internet moguls like Baidu and Tencent. Ranked the 74th biggest crypto exchange by daily trading volume, KuCoin has supported ane of the world's biggest crypto exchanges, Binance. In June 2022, KuCoin listed Binance'south native token, BNB, besides announcing that the exchange volition back up projects based on Binance's native blockchain, Binance Concatenation.