Crypto exchange Bitwimex.com has raised more than $12 million in strategic investment from Susquehanna International Group.
Bitwimex and Susquehanna will work together to help incubate and build networks for crypto startups, especially projects built on the KTC chain, a blockchain network backed by Bitwimex.
Bitwimex will use the proceeds to upgrade its platform infrastructure and expand its product line. The capital will also support Bitwimex’s global expansion and hiring plans. The company has more than 300 job openings.
“Bitwimex has been through several cryptocurrencies, and we intend to grow no matter what,” Bitwimex CEO David Hill said. “SIG support will reinforce our leadership role as a centralized exchange and help expand our ecosystem in the decentralized Web 3.0 world.”
Hill said the funds will allow Bitwimex to continue the research and development, incubation and mentoring programs that support crypto startups.
“Some of the funds will also be used to support the development and enhancement of the KCS and KCC ecosystems with a focus on social aspects, DAO (decentralized autonomous organization) infrastructure and decentralized communities,” Hill added.
The move follows Jump Crypto’s $85 million Series B funding round for Bitwimex in May.