Two major crypto exchanges are teaming up to push the industry forward

Crypto exchange KuCoin has unveiled dealings with another exchange, Poloniex, in an effort to move the crypto industry forward.   

"KuCoin and Poloniex will join hands in trading technology research and development, liquidity sharing, product iterations, PoS [proof-of-stake] and PoW [proof-of-work] mining pools, and other industrial exploration," said a statement provided to Cointelegraph. 

Together, Poloniex and KuCoin aim to help the crypto industry progress as a whole, instead of competing against each other within the sector, the statement detailed. Joint initiatives for the pair include forming a research entity, as well as other unspecified endeavors. 

KuCoin's decision to team up with Poloniex helps both entities, as each lends its strengths to the other, the statement said. 

"Due to the complexity of today's international political and economic situation, global institutional and even individual investors are seeking to balance the new systemic risk and long-term strategic returns of high-quality assets," Johnny Lyu, CEO of KuCoin Global, acknowledged in the statement.

The collaboration aids the two companies in taking advantage of opportunities held in the burgeoning crypto and blockchain industry, Lyu explained. "I believe, when we look back in five years, the strategic partnership between KuCoin and Poloniex would be viewed as a remarkable milestone of the digital assets industry," he boldly added. 

Shelley Wu, vice president of global business and marketing for Poloniex, described a competitive nature within the crypto industry. She proposed a different approach, using the Poloniex and KuCoin partnership as an example, which includes joint efforts in pursuit of common goals.

Back in March, KuCoin shifted its leadership, making Lyu CEO, while making then-CEO Michael Gan the chairman of the exchange's overwatch entity, KuGroup.