Cryptocurrency exchange Kucoin is in talks to buy the assets of ailing companies with strong core technologies, that can contribute to the growth of the industry but are being hurt in the market downturn, the company’s CEO Johnny Lyu said on Monday.
In an exclusive interview with Benzinga, Lyu asserted that in the near future, there will be a “not so dramatic” de-coupling of the crypto market from the traditional financial markets and that the cryptocurrencies industry cannot grow while it continues to follow the rules set by centralized financial markets.
In active talks with companies
“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,” Lyu said.
The CEO of the Seychelles-based exchange further said he will not consider working with any company that does not come with technological competencies and abilities.
“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,” he said.
Read Also: Luna Foundation Guard Moved Over 3,000 Bitcoin After Do Kwon's Arrest Warrant: Report
KuCoin above profit making stage
He further said the company was above the profit-making stage now and that the goal is to strive to make a greater contribution to the industry and work with partners who truly believe in the industry and can contribute to the growth of the industry with KuCoin in the future.
Cryptos facing a crisis worse than 2018-19
Lyu said that compared to the crypto crisis in 2018-19, the industry was facing a worse situation this year, however, KuCoin is able to go through this period without suffering any major losses because the team is more prepared in terms of challenges, capital, human resources and their ability to judge the market correctly.
“I think Kucoin is well-prepared to take on whatever challenges there may be. As a company that has dealt with several major challenges all these years, the biggest treasure for our team is that we have a working team that is growing strong, and we are also taking the market changes better as we grow. We are also actively adjusting to any changes the market may have in the future,” he said.
“We think one of our best performing businesses is our globalization and global expansion. We are also actively optimizing and adjusting our active businesses so that we can make it a part of day-to-day maintenance.”
Crypto industry getting away from traditional markets
Asked to comment about his views on the de-coupling of cryptos from the traditional markets, Lyu said while the de-coupling may not be dramatic, the crypto industry is getting away from factors like the American stock markets.
“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,” he said.
