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KuCoin Ventures, the venture capital arm of cryptocurrency trading platform KuCoin, has announced a strategic investment in sKCS.io, a flagship protocol for staking liquidity based on the KuCoin Community Chain (KCC), according to Coin. Journal learned press release.
KCC Ecosystem Management Structure The KCS Management Foundation is also participating in the investment round.
The protocol provides stable returns through a simple and straightforward DeFi product, allowing users to stake KCS and receive sKCS. They can use sKCS to join other his DeFi products to generate better returns or choose to unstake at any time.
sKCS.io gives users access to one-click DeFi protocol composability as the underlying asset protocol. In addition to offering attractive yields, it is expected to become a widely recognized and popular asset in KCC. About 10,000 KCS is currently staked on his sKCS.io.
This investment will be used to support the expansion of the sKCS.io team and security, technology and products to introduce further innovations and improve the user experience. The protocol focuses on market development and cooperation with other KCC-based projects to accelerate the growth of the KCC ecosystem.
KuCoin CIO Justin Chou commented:
KuCoin is accelerating the development of the KCC ecosystem as a key infrastructure for exploring the Web3 environment. As the first liquidity staking protocol in the ecosystem, sKCS.io will play a key role in the KCC network and create new use cases for the token. Working with sKCS.io he is happy to facilitate the development of the KCC ecosystem.
sKCS.io CEO Duke Smith added:
Liquidity is very important for digital assets. We are honored to receive joint investment from KuCoin Ventures and the KCS Management Foundation. With the support of both parties, we will work to build the KCC ecosystem and promote the free flow of asset value.
Alongside the launch of sKCS.io is a staking campaign where users can stake KCS and share rewards. In addition, KCS whales can participate and enjoy more exclusive privileges.
