Crypto buying and selling platform KuCoin’s enterprise capital arm, KuCoin Ventures, introduced a strategic funding in sKCS.io, the flagship protocol for staking liquidity primarily based on KuCoin Group Chain (KCC), Coin Journal discovered from a press launch.
The KCC ecosystem governing construction KCS Administration Basis can also be collaborating within the funding spherical.
The protocol offers steady returns by way of a easy, simple DeFi product, enabling customers to stake KCS and obtain sKCS. They’ll use sKCS to participate in different DeFi merchandise to generate higher returns or select to unstake at any time.
sKCS.io provides customers entry to one-click DeFi protocol composability as an underlying asset protocol. It’s anticipated to change into a widely known and common asset on KCC along with providing enticing yields. For the time being, nearly 10,000 KCS are staked within the sKCS.io.
Supporting group enlargement
The funding will probably be used to assist the enlargement of the sKCS.io group in addition to safety, expertise, and merchandise to introduce additional innovation and enhance person expertise. The protocol will place emphasis on market growth and cooperation with different KCC-based initiatives to hurry up KCC ecosystem development.
KuCoin CIO Justin Chou commented:
KuCoin is dashing up KCC ecosystem growth as an necessary infrastructure to discover the Web3 setting. sKCS.io will play a key function within the KCC community as the primary liquidity staking protocol within the ecosystem in addition to create new use circumstances for the token. We’re excited to work with sKCS.io to facilitate the event of the KCC ecosystem.
sKCS.io CEO Duke Smith added:
Liquidity is essential for digital belongings. For us, it’s an honor to obtain a co-investment from KuCoin Ventures and the KCS Administration Basis. With the assist of each events, we are going to work to construct the KCC ecosystem and facilitate the free movement of asset values.
A staking marketing campaign will happen with the launch of sKCS.io, the place customers can stake KCS to share rewards. What’s extra, KCS whales can participate and revel in extra unique privileges.
by way of Cointojournal