VICTORIA, Seychelles, 08 July 2022—(BUSINESS WIRE)–KuCoin, a leading global cryptocurrency trading platform, has announced that its venture capital arm – KuCoin Ventures – has made a strategic investment in Torches Finance, the decentralized lending protocol based on the KuCoin Community Chain ( KCC).
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KuCoin Ventures Makes Strategic Investment in Torches Finance (Graphic: Business Wire)
Torches Finance is a KCC-based lending protocol that integrates features such as lending, leveraged mining, and NFTs. So far, Torches Finance has opened deposit and loan services for BTC, ETH, KCS, USDT and USDC. Torches Finance has made serious efforts to enrich usage scenarios, innovate token incentive models and implement strict risk management measures. The use case of Torches Finance envisages users receiving token benefits through various channels including but not limited to liquidity provision, lending, management participation, etc.
After receiving the strategic investment, Torches Finance will improve the ease of use and market share of the products from various aspects, including categories such as products, technology, security, team and market. In terms of products, Torches Finance will upgrade and optimize existing services, while continuing to expand the depth of current products, effectively improving the utilization rate of investors’ assets. At the same time, Torches Finance will continue to work with DeFi projects in KCC to jointly build the KCC DeFi ecosystem.
Justin Chow, Chief Investment Officer of KuCoin, said: “KCC is one of the focuses of the KCS ecological development, and we are very concerned about the development of the KCC ecosystem. As for Torches, as the infrastructure of KCC’s DeFi track, its launch has improved the utilization rate of user assets, while also enriching the ways in which KCC investors can increase their portfolios. With the development of KCC’s infrastructure, we hope, that Torches can become the gateway to the KCC DeFi project, allowing more people to use decentralized finance and share in DeFi dividends.”
After KuCoin Ventures strategically invested in Torches Finance, KCC also announced that it will continue to incubate Torches and connect it to the KCS ecosystem. Torches will launch the Torches point mining event in Q3 and Torches points will be converted to tokens according to a predetermined ratio after the Torches token is officially released. The Torches are currently running a Deliver and Borrow to Win event. Users who participate will have the opportunity to win the Torches Genesis NFT whitelist – the Torchlight. Holding Torchlight can speed up point mining speed up to 900%.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with operational headquarters in Seychelles. As a user-centric platform with a focus on inclusiveness and community outreach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, betting and lending to its 18 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investment through a pre-series B round, bringing the total investment to $170 million with the combined round A, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin as one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin as the best crypto app for enthusiasts.
To learn more, visit https://www.kucoin.com.
Afor KuCoin Ventures
KuCoin Ventures is the lead investment arm of KuCoin Exchange that aims to invest in the most disruptive cryptocurrency and blockchain projects in the Web3.0 era. With a commitment to empowering Crypto/Web 3.0 Builders with deep insights and global resources, it is also a community-friendly and research-driven, full-stage corporate venture that focuses on DeFi, Game-Fi, Web-3.0, infrastructure, working closely with its portfolio projects throughout the entrepreneurial journey.
About Torches Finance
Torches Finance is a KCC-based decentralized lending protocol supporting major crypto assets such as BTC, ETH, and more. Users can earn TOR tokens by depositing and borrowing Torches Finance assets.
Visit Torches Finance: https://www.torches.finance/en
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