- KuCoin, a cryptocurrency exchange, has raised a $150 million pre-Series B round at a valuation of $10 billion.
- Through investment arms such as KuCoin Labs and KuCoin Ventures, the new capital will enable KuCoin to move beyond centralized trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms.
- KuCoin also seeks to use the proceeds from the pre-Series B round to develop the next generation of the KuCoin core trading system, which will contribute to a tenfold performance improvement.
KuCoin has revealed that it has raised $150 million in its pre-Series B funding round to develop an innovative Web 3.0 exploration. The funding increased the value of KuCoin to $10 billion. Jump Crypto led the round, which included participation from several investment funds, including Circle Ventures, IDG Capital, and Matrix Partners.
The exchange’s official Twitter account, @kucoincom, made the $150 million announcement.
Through investment arms such as KuCoin Labs and KuCoin Ventures, the new capital will enable KuCoin to move beyond centralised trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms. KCC, the public chain built by KuCoin community members, will also serve as a significant and crucial infrastructure, deploying resources to create a decentralised enviroment.
“We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking, and passive yield generation to support the growth of Web 3.0 and the crypto markets,” Jump Crypto’s Head of Asia Tak Fujishima said in a statement.
Following the initial pre-Series B funding round, KuCoin CEO Johny Lyu stated:
“The support of prominent investors such as Jump Crypto and Circle Ventures reinforces our belief that one day, everyone will be using cryptocurrency.” KuCoin is designed for all types of investors, and we believe that these new investors and partners will help to establish KuCoin as a reliable and trustworthy gateway into the crypto space.”
KuCoin also intends to use the proceeds from the pre-Series B round to:
- Develop the next generation of the KuCoin core trading system, which will lead to a tenfold performance improvement and efficiency
- Contribute to KuCoin’s global regulatory efforts in order to better serve its 18 million users in over 200 countries and regions.
- Improve the platform’s security and risk management systems to make it more secure and accessible.
Moving into Web 3.0
KuCoin, which debuted in September 2017, is a global cryptocurrency exchange with over 700 digital assets. Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending are currently available to its 18 million users in 207 countries and regions around the world.
KuCoin also intends to use its public chain, the KCC, to enable users to build a decentralised ecosystem using the various resources available.
KuCoin NFT marketplace-Windvane and KuCoin Ventures recently launched a $100 million “Creators Fund” to support the development of the NFT Metaverse ecosystem. This fund’s objective was to assist young- creative artists and creators in showcasing their talents to the public while also constructing an open, free, equal, and decentralised NFT marketplace.
To foster positive mass adoption of blockchain, the fund backed a diverse range of NFT projects, including Esports, PFP, Asia Culture, celebrities, GameFi, and many other innovative projects.
KuCoin is the market’s fifth largest cryptocurrency exchange, according to CoinMarketCap. KuCoin received $20 million in Round A funding in November of 2018.