Crypto exchange KuCoin might be following in FTX’s footsteps after the CEO revealed that they are in talks to acquire some ailing cryptocurrency companies.
KuCoin’s CEO Johnny Lyu told Benzinga in a recent interview that the crypto exchange is in talks to acquire some struggling companies.
Some crypto companies had to file for bankruptcy, while others downsized their workforce due to the ongoing bear market.
This has given the stronger companies like FTX the opportunity to bail out and acquire the ailing companies.
KuCoin is now looking to follow the same path after revealing this in a recent interview. Lyu said;
“We are actively looking to help and purchase ailing businesses, and we are selecting our future partners. The most important thing we look for is core technologies, so we will choose to work with companies that possess technologies, and then we will consider those projects that are accidentally hurt by previous incidents. We are interested in certain companies, and they are also interested in working with us. We will sit down together and work out a deal.”
However, Lyu revealed that KuCoin would not consider companies that lack technological competence.
He added that KuCoin was above the profit-making stage now, and the company’s goal is to work hard to make a greater contribution to the broader cryptocurrency industry.
Furthermore, Lyu said KuCoin would continue to work with partners who truly believe in the industry and can contribute to the growth of the industry with the cryptocurrency exchange in the future.
Analysts continue to compare the performances of the crypto market with that of the traditional financial markets. However, Lyu said the comparison is not healthy. He said;
“We are not going to be able to grow further if we continue to follow the rules set by centralized financial markets, and we will also be hitting the ceiling very soon if we follow these traditional rules and financial regulations, especially in terms of growth of our crypto volume.”
KuCoin is the fifth-largest cryptocurrency exchange, according to Coinmarketcap, recording nearly $1 billion in daily trading volume.
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