Cryptocurrency Exchange Kucoin Raises 0 Million in Pre-Series B Funding Round, Reaches Billion Valuation

, a Seychelles-based cryptocurrency , has announced it has raised in a pre- funding round. The negotiation, which was led by with the participation of other including Circle Ventures, IDG Capital, and Matrix Partners, has conferred the exchange a valuation of $10 billion. The exchange will use these funds to keep expanding in the sector.

Kucoin to Expand in the Web3 Arena

Crypto exchange Kucoin has announced it has raised $150 million as a part of its pre-Series B funding round. The company, which had raised $20 million in its Series A funding round back in November 2018, has reached a valuation of $10 billion with this capital influx.

The pre-funding round investment was led by Jump Crypto, and had participation from other VC firms in the sector, including Circle Ventures, IDG Capital, and Matrix Partners. On this round, Johnny Liu, CEO of Kucoin, stated:

The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy into crypto space.

New Opportunities

With this new capital influx, Kucoin is aiming to go beyond the centralized exchange business and start expanding to use cases, including the Web3 movement. This includes possible investments in fields like crypto wallets, , gaming applications, and NFT platforms. Another point of investment is KCC, the exchange’s blockchain, which aims to also benefit from this investment to become more decentralized.

Kucoin further stated it will put some of these resources toward improving its trading system to better support the growing number of users on its platform, increasing the regional compliance effort to adapt to new regulations in more countries, and enhancing the security for traders using its trading desk.

This push from Kucoin to invest in this kind of decentralized initiative is not new. In November, Kucoin Labs, which is the investment and research arm of the exchange, launched a to support the of early applications. In the same vein, the exchange partnered with Windvane, an NFT market, to start a $100 million fund to empower NFT creators on the platform in April.

What do you think about Kucoin’s latest funding round? Tell us in the comments section below.

Continue reading on Bitcoin.com

Like it? Share with your friends!

Share via
Share via
Send this to a friend