- KuCoin announces $150 million pre-Series B raise.
- The round 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 cryptocurrency exchange KuCoin announced a $150 million pre-Series B funding round that values the company at $10 billion. The round was led by Jump Crypto and included participation from investment firms such as Circle Ventures, IDG Capital and Matrix Partners.
Expanding presence in Web3
The capital injection will enable the exchange to expand beyond centralized trading services and strengthen its presence across Web 3.0 sectors, including GameFi, crypto wallets, DeFi and NFT platforms.
These initiatives will be supported through KuCoin Ventures and other investment channels. The KuCoin community has developed a public chain, KCC, which will receive significant resources to help build a more decentralized ecosystem.
Building the next-generation KuCoin trading system and more
Proceeds from the financing will be used in part to construct the next generation of the exchange’s core trading engine. KuCoin expects the performance of its trading infrastructure to improve by an order of magnitude.
Funds will also support KuCoin’s global regulatory efforts and further strengthen security and risk-management systems to make the platform safer and more accessible for users worldwide.
Johnny Lyu, CEO of KuCoin, commented:
The endorsement from prominent investors, including Jump Crypto and Circle Ventures, reinforces our vision that crypto will be part of everyday life. KuCoin is built for all types of investors, and we believe these new investors and partners will help make KuCoin synonymous with a trusted gateway into the crypto space.
Tak Fujishima, Head of Asia at Jump Crypto, said:
KuCoin provides a comprehensive suite of crypto services to a global audience, which is one of the reasons we’re proud to lead this round. We are pleased to support the company as it continues to grow and expand offerings in futures and margin trading, lending, staking and passive income solutions to fuel the growth of Web3 and crypto markets.
KuCoin is currently the fifth-largest crypto exchange in the market by trading volume, according to CoinMarketCap data. The company previously raised $20 million in a Series A round in November 2018.