Kucoin is a cryptocurrency exchange based in Seychelles. It has reported that it raised $150 million through a pre-Series A funding round. Jump Crypto led the negotiation with participation from IDG Capital and Matrix Partners. The exchange was valued at $10 billion. This money will allow the exchange to expand in the Web3 market.
Kucoin expands in the Web3 Arena
Kucoin’s crypto-exchange has revealed that it has raised $150 Million as part of its preSeries B financing round. With this capital infusion, the company has reached $10 billion valuation. It had previously raised $20 million through its Series A round in November 2018.
Jump Crypto led the pre-funding round, with participation by other VC firms within the sector such as Matrix Partners, IDG Capital and Circle Ventures. Johnny Liu was Kucoin’s CEO.
Jump Crypto and Circle Ventures have voted in confidence, confirming our belief that crypto will one day be a part of everyone’s lives. KuCoin has been designed to be accessible by all investors. These new partners and investors are expected to make KuCoin the trusted and reliable gateway to cryptospace.
New Opportunities
Kucoin hopes to expand beyond its centralized exchange business to include decentralized uses cases such as the Web3 movement. It is possible to invest in areas such as crypto wallets, NFT platforms, and gaming apps. Another point of investment is KCC, the exchange’s blockchain, which aims to also benefit from this investment to become more decentralized.
Kucoin stated that it would use some of the resources to improve its trading platform to support growing numbers of users, increase regional compliance efforts to adapt to new regulations, and enhance the security of traders who use its trading desk.
Kucoin’s push to invest in such a decentralized initiative isn’t new. Kucoin Labs is an investment and research arm that launched in November a $100million fund to assist the development of early metaverse applications. The exchange also partnered with Windvane NFT Market to launch a $100 million fund that will empower NFT creators.
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