KuCoin, a Singapore-based cryptocurrency exchange, has announced that IDG Capital, Matrix Partners and Neo Global Capital have agreed to invest a total of US$20 million in the startup’s Series A funding round.
KuCoin is a cryptocurrency spot-trading platform which claims over five million registered users. The platform supports more than 350 trading pairs and claims to be one of the largest NEO pair exchanges on the market. KuCoin is operated by Singapore incorporated PhoenixFin Pte. Ltd. The company has branch offices located in China, Thailand, the Philippines, and Bulgaria.
The company said the new capital will help it further grow to become one of the top exchanges in the world. In particular, the capital will be used to fund the development of KuCoin’s platform 2.0, which will include features such as stop orders and upgraded APIs, increase customer support staff, support growth and global expansion into targeted markets including Vietnam, Turkey, Italy, Russia and Spanish-speaking countries, increase blockchain research, and provide blockchain education and training.
KuCoin’s Blockchain Training Center is already operational. In the coming months, KuCoin plans to expand into different countries in which the company either presently has or will soon establish new offices.
“This is truly a dynamic and significant partnership,” said KuCoin CEO Michael Gan.
“The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help KuCoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.”
IDG Capital is a leading investment firm which has been investing in crypto-related companies since 2012, backing the likes of Ripple, Circle and Coinbase. “[IDG Capital] sees the potential in the blockchain industry as a world changing technology and we want to continue to be at the fore front of this movement to ensure that legitimate projects lead by teams with integrity get noticed,” said Young Guo, partner at IDG Capital.
Matrix Partners, one of the top venture capital investment firms in China, focuses on areas such as fintech, healthtech, social networks and mobile Internet marketplace, and has participated in deals such as Elemential, a Mumbai-based blockchain startup, and TokenInsight, a data analytics startup focusing on the crypto market.
Meanwhile, NEO Global Capital is the strategic investment vehicle of the NEO Foundation, which has invested in several notable startups including Ontology, Bluzelle, and Cobo Wallet.