Cryptocurrency exchange KuCoin has announced a strategic partnership with South Korean exchange Bitsonic.
In a blog post announcing the partnership, KuCoin said that alliance with Bitsonic includes liquidity sharing, and the two companies will launch a broad global alliance with the opening of the linked market.
Singapore-based KuCoin did not disclosed much information about the alliance but said that it includes market integration and designation of official partners.
The exchange also made many other announcements today, December 23. In a blog post published December 23, the exchange announced that it completed the MainNet token swap of Travala.com’s AVA token, and the deposit and withdrawal functions are now open.
MainNet Swap is essentially a process of switching from one blockchain network to another. Mostly the swap takes place when a cryptocurrency project migrates from a third party platform to their own native blockchain network.
At this point, their cryptocurrency tokens are gradually replaced by newly issued coins and all blockchain activity is moved to the new chain.
KuCoin, an IDG-backed crypto exchange, was founded in 2013 by a group of blockchain enthusiasts aims at providing users digital asset transaction and exchange services which are even more safe and convenient, integrating premium assets worldwide, and constructing state of the art transaction platform.
The exchange entered the blockchain asset trading service platform in 2017. As reported by Crypto Economy on July 9, 2019, the company launched Bitcoin Margin Trading Platform with up to 20X Leverage. KuCoin also provided an insurance fund to protect investors on the platform from having to suffer losses from a massive liquidation from whale traders.
On December 19, the exchange also announced the addition margin trading for its native token KuCoin Shares (KCS) with 10x leverage. Along with the new KCS/USDT margin pair, KuCoin also launched an ultra-low interest borrowing activity from December 19 to 23, 2019.
Bitsonic, launched in April of 2018, Bitsonic is a centralized exchange based in Seoul, South Korea focused on profit sharing virtual currency exchange. It shares the trading fee revenue with BSC holders, its native exchange coin. Bitsonic aims to offer a one-stop cryptocurrency trading platform that offers services such as token sale, C2C, BSC League.
Bitsonic also announced its another strategic alliance with a global crypto exchange Coin Tiger. According to the reports this alliance included exchange of orders through exchanges between APIs, liquidity sharing, and cross-listing of promising projects.