Cryptocurrency exchange Kucoin is in talks to buy the assets of struggling companies with strong core technologies that could help the industry grow but are being hurt by the market downturn, the company’s CEO said. Johnny Liu on Monday.
In an exclusive interview with Benzinga, Lyu stated that there will be a “not-so-dramatic” decoupling of the crypto market from traditional financial markets in the near future and that the cryptocurrency industry cannot grow as long as it continues to follow the rules. established by the centralized financial markets.
In active discussions with companies
“We actively seek help and acquisitions from ailing companies, and we select our future partners. The main thing we look for is core technologies. So we will work with companies that have these technologies, and then we will also consider projects that inadvertently was affected by past incidents,” said Lyu.
The CEO of the Seychelles-based exchange further said that he will not consider working with companies that do not have technological capabilities and skills.
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“We are interested in certain companies, and they are also interested in cooperating with us. We will sit down and work out a deal,” he said.
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KuCoin above break-even
He further said that the company is now past the profit stage and that the goal is to make a greater contribution to the industry and work with partners who truly believe in the industry and will contribute to the growth of the industry with KuCoin in the future being able to.
Cryptocurrencies are facing a worse crisis than 2018-19
Lyu said that the industry is facing a worse situation this year compared to the crypto crisis of 2018-19, but KuCoin is able to get through this period without major losses due to the team in terms of challenges, capital, human resources and the ability to assess the market correctly are better prepared.
“I believe that Kucoin is well prepared to face the challenges that may come our way. As a company that has overcome several major challenges over the years, the biggest asset for our team is that we have a functioning team that is growing strongly and we are also better at embracing the market changes as we grow, we also actively adapt to the changes that the market may bring in the future,
> he said.
“We believe that one of our best businesses is our globalization and global expansion. We are also actively optimizing and adapting our active businesses so that we can make them part of our daily work.”
The crypto industry is moving away from traditional markets
When asked what he thought about the decoupling of cryptocurrencies from traditional markets, Lyu said that while the decoupling is not dramatic, the crypto industry is moving away from factors such as US stock markets.
“We will not be able to continue to grow if we continue to follow the rules of centralized financial markets, and we will also hit the ceiling very soon if we follow these traditional rules and financial rules, especially in terms of growth of our crypto. volume,” he said.
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