KuCoin, a leading global cryptocurrency trading platform, announced that its venture capital arm KuCoin Ventures has made a strategic investment in Torches Finance, the decentralized lending protocol based on KuCoin Community Chain (KCC).
Torches Finance is a KCC-based lending protocol that integrates functions such as lending, leveraged mining, and NFT. So far, Torches Finance has opened deposit and lending services for BTC, ETH, KCS, USDT, and USDC. Torches Finance has made serious efforts to enrich usage scenarios, innovating token incentive models and implementing strict risk management measures. The Torches Finance usage scenario foresees users gaining token benefits through various channels, including, but not limited to, providing liquidity, lending, participating in governance, etc.
After receiving the strategic investment, Torches Finance will be improving the ease of use and market share of products from a variety of aspects, including categories such as products, technology, security, team, and market. In terms of products, Torches Finance will upgrade and optimize existing services, while continuing to expand the depth of current products, effectively improving the asset utilization rate of investors. At the same time, Torches Finance will continue to work with DeFi projects on the KCC to jointly build the KCC DeFi ecosystem.
Justin Chou, the Chief Investment Officer of KuCoin, said “KCC is one of the focuses of KCS ecological development, and we are very concerned about the development of the KCC ecosystem. As for Torches, as the infrastructure of the DeFi track on the KCC, its launch has improved the utilization rate of user assets while also enriching ways investors on the KCC can increase their portfolios. With the development of the infrastructure on the KCC, we hope that Torches can become the entrance of the KCC DeFi project, allowing more people to use decentralized finance and share the DeFi dividends.”
After KuCoin Ventures strategically invested in Torches Finance, KCC also announced that it will further incubate Torches and bind it to the KCS ecosystem. Torches will start the Torches point-mining event in Q3, and the Torches points will be converted into tokens according to a predetermined coefficient after the Torches token is officially launched. Currently, Torches is holding a “Supply & Borrow to Win” event. Users who participate will have the opportunity to win the whitelist of the Torches Genesis NFT the Torchlight. Holding the Torchlight can speed up the point mining rate up to 900%.