VICTORIA, Seychelles–(BUSINESS WIRE)–KuCoina world leader cryptocurrency trading platformannounced that its venture capital arm – KuCoin Ventures – has made a strategic investment in Torches Finance, the decentralized lending protocol based on KuCoin Community Chain (KCC).
Torches Finance is a KCC-based lending protocol that integrates functions such as lending, leveraged mining, and NFT. So far, Torches Finance has opened deposit and lending services for BTC, ETH, KCS, USDTand USDC. Torches Finance has made serious efforts to enrich usage scenarios, innovating token incentive models and implementing strict risk management measures. The usage scenario of Torches Finance envisions users obtaining token benefits through various channels, including but not limited to providing liquidity, loans, participation in governance, etc.
After receiving the strategic investment, Torches Finance will improve product usability and market share in various aspects, including categories such as product, 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 on the KCC to jointly build the KCC DeFi ecosystem.
Justin Chou, Chief Investment Officer of KuCoin, said: “KCC is one of the axes of KCS’s green development, and we are very concerned about the development of the KCC ecosystem. As for the torches, as an infrastructure of the DeFi track on the KCC, its launch has improved the utilization rate of users’ assets while enriching the ways in which investors on the KCC can increase their portfolios. With the development of the infrastructure on the KCC, we hope that Torches can become the entrance to the KCC DeFi project, allowing more people to use decentralized finance and share DeFi dividends.”
After KuCoin Ventures strategically invested in Torches Finance, KCC also announced that it will continue to incubate Torches and link it to the KCS ecosystem. The Torches will start the Torches Points mining event in the third quarter, and the Torches Points will be converted into tokens according to a predetermined coefficient after the official launch of the Torches Token. Currently, Torches is running a “Provide and Borrow to Earn” event. Users who participate will have the opportunity to win the whitelisted Genesis NFT Torches – the Torchlight. Holding the torch can speed up the point mining rate by up to 900%.
Launched in September 2017, KuCoin is a cryptocurrency exchange with its operational headquarters in the Seychelles. As a user-oriented platform focused on inclusivity and reach for community action, it offers over 700 digital assets and currently offers spot trading, margin trading, fiat P2P trading, term, staking and lending to its 18 million users in 207 countries. and regions.
In 2022, KuCoin raised over $150 million in investments in a pre-Series B round, bringing total investments to $170 million with the combined A round, for a total valuation of $10 billion. of dollars. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin the Best crypto app for enthusiasts.
To learn more, visit https://www.kucoin.com.
AAbout KuCoin Ventures
KuCoin Ventures is a premier investment arm of KuCoin Exchange that aims to invest in the most disruptive cryptocurrency and blockchain projects of the Web3.0 era. With a commitment to empowering Crypto/Web 3.0 builders with in-depth information and global resources, it is also a large-scale, community-driven, research-driven company that focuses on DeFi, Game-Fi , Web-3.0, infrastructure, working closely with its portfolio of projects throughout the entrepreneurship journey.
About Torches Finance
Torches Finance is a decentralized lending protocol based on KCC, supporting traditional crypto assets such as BTC, ETH, etc. Users can earn TOR tokens by depositing and lending assets on Torches Finance.
Visit Torches Finance:https://www.torches.finance/en