Crypto trading platform KuCoin’s venture capital arm, KuCoin Ventures, announced a strategic investment in sKCS.io, the flagship protocol for staking liquidity based on KuCoin Community Chain (KCC), Coin Journal learned from a press release.
The KCC ecosystem governing structure KCS Management Foundation is also taking part in the investment round.
What is sKCS.io?
The protocol provides stable returns through a simple, straightforward DeFi product, enabling users to stake KCS and receive sKCS. They can use sKCS to take part in other 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 an underlying asset protocol. It’s anticipated to become a widely recognized and popular asset on KCC in addition to offering attractive yields. At the moment, almost 10,000 KCS are staked in the sKCS.io.
Supporting team expansion
The investment will be used to support the expansion of the sKCS.io team as well as security, technology, and products to introduce further innovation and improve user experience. The protocol will place emphasis on market development and cooperation with other KCC-based projects to speed up KCC ecosystem growth.
KuCoin CIO Justin Chou commented:
KuCoin is speeding up KCC ecosystem development as an important infrastructure to explore the Web3 environment. sKCS.io will play a key role in the KCC network as the first liquidity staking protocol in the ecosystem as well as create new use cases for the token. We are excited to work with sKCS.io to facilitate the development of the KCC ecosystem.
sKCS.io CEO Duke Smith added:
Liquidity is crucial for digital assets. For us, it’s an honor to receive a co-investment from KuCoin Ventures and the KCS Management Foundation. With the support of both parties, we will work to build the KCC ecosystem and facilitate the free flow of asset values.
A staking campaign will take place with the launch of sKCS.io, where users can stake KCS to share rewards. What’s more, KCS whales can take part and enjoy more exclusive privileges.
The post KuCoin announces first KCC-based liquidity staking protocol appeared first on CoinJournal.
