- KuCoin announced a pre-Series B fundraising round of $150 million.
- After this funding round, the global cryptocurrency exchange will be valued at $10 billion.
- KuCoin will use the raised capital to build a next-generation core trading system.
Leading global cryptocurrency exchange KuCoin has announced a $150 million pre-Series B financing round. Following this funding, the platform’s valuation will reach $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 influx of capital will enable the exchange to move beyond centralized trading services and expand its presence across Web 3.0, including GameFi, DeFi, NFT platforms, and crypto wallets.
This expansion will be supported by KuCoin Ventures and other investment partners. The KuCoin community has developed the public chain KCC, and many resources will be dedicated to building a decentralized ecosystem around it.
Building a Next-Generation Trading System and Other Initiatives
With the newly raised funds, KuCoin plans to develop a next-generation core trading system for the exchange. Over time, the platform’s performance is expected to improve by up to tenfold.
The funding will also support KuCoin’s global compliance efforts and enhance its security and risk management systems, making the platform safer and more accessible to users worldwide.
KuCoin CEO Johnny Lyu said:
The vote of confidence from respected investors, including Jump Crypto and Circle Ventures, reinforces our belief that cryptocurrencies will one day be used by everyone. KuCoin is built for all types of investors, and we believe these new investors and partners will help make KuCoin synonymous with reliable and secure access to the crypto space.
Taka Fujishima, head of Asia at Jump Crypto, commented:
KuCoin provides a comprehensive crypto services platform for users around the world, and that is one of the reasons we are proud to lead this funding round. We are happy to support the company as it continues to grow and expand its product offerings across futures and margin trading, lending, staking, and passive income solutions, all of which contribute to the growth of Web 3.0 and crypto markets.
According to CoinMarketCap, KuCoin is currently the fifth-largest cryptocurrency exchange by market activity. In November 2018, the company raised $20 million in a Series A funding round.