- KuCoin announces $150 million pre-Series B funding raise.
- The raise values the global crypto exchange at $10 billion.
- KuCoin will use the funds to build the next generation of its core trading system.
Leading global crypto exchange KuCoin announced a $150 million pre-Series B funding round, with which it is valued at $10 billion. Jump Crypto led the round and investment funds such as Circle Ventures, IDG Capital, and Matrix Partners took part.
Expanding presence in Web3
The inflow of capital will allow the exchange to expand beyond centralized trading services and augment its presence in Web 3.0, including GameFi, crypto wallets, DeFi, and NFT platforms.
This will be possible through KuCoin Ventures and other investment arms. The KuCoin community built a public chain, KCC, on which many resources will be deployed to create a decentralized ecosystem.
Building the next-gen KuCoin trading system and more
Among the uses of the new funds will be to build the next generation of the exchange’s core trading system. Performance is expected to improve tenfold thereafter.
The funds will also support KuCoin’s global regulation efforts and improve security and risk management systems to make the platform more secure and accessible.
Johnny Lyu, CEO of KuCoin, commented:
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 gateway into crypto space.
Tak Fujishima, Head of Asia, Jump Crypto, stated:
KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re proud to lead this round. 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.
KuCoin is currently the fifth biggest crypto exchange on the market according to CoinMarketCap data. It secured $20 million in Round A funding in November 2018.