Singapore-based cryptocurrency change KuCoin has teamed up with DigitalBits, a blockchain protocol layer centered on branded crypto property, for the launch of a brand new sort of OTC desk.
KuCoin’s Enterprise Currency Desk (ECD) is tailor-made in direction of corporations seeking to enterprise into blockchain expertise and decentralized finance (DeFi) by offering bespoke options for the acquisition of digital property, the corporate says.
The new partnership seeks to simplify that course of for companies, and additional permits them to entry bigger portions of tokens to energy operations similar to pockets authentications, transaction charges and staking.
“A delegated service to deal with token procurement and liquidity will permit corporations to simply interact in blockchain-based options, with out having to make use of skilled merchants to acquire and make the most of giant quantities of tokens,” the corporate mentioned in a press launch Wednesday.
DigitalBits will function the middleman for the provisioning of tokens required for sure enterprise features, mentioned Michael Luckhoo, vice chairman of operations at DigitalBits. “Leveraging an ecosystem companion helps the enterprise consumption a number of token necessities than in search of to attain this from every venture individually.”
KuCoin raised $20 million in Series A funding backed by enterprise capital corporations IDG Capital, Matrix Partners and Neo Global Capital in late 2018 and has grown to greater than $33.5 million in every day commerce quantity, in response to public knowledge.
Citing rising demand for tokens in use circumstances similar to rewards, KuCoin mentioned its new service would scale back friction skilled by corporations when making an attempt to acquire, say, stablecoins in giant portions, or to launch branded tokens.
“Consumers do not need to know entry different tokens by way of buying and selling or change accounts, however as a substitute, with a seamless interplay with the model or loyalty level system,” Luckhoo mentioned.
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