Cryptocurrency exchange KuCoin has raised $150 million in pre-series B funding round, bringing its valuation to $10 billion. Led by Jump Crypto, the round saw participation from multiple investment funds including Circle Ventures, IDG Capital and Matrix Partners. The proceeds from the round will be used to expand KuCoin’s presence in Web3, including crypto wallets, GameFi, decentralised finance (DeFi), and NFT platforms, through investment arms such as KuCoin Labs and KuCoin Ventures. KuCoin Community Chain (KCC), the public chain built by KuCoin’s community members, will also be an infrastructure where resources will be deployed to create a decentralised ecosystem.
The vote of confidence from investors, including Jump Crypto and Circle Ventures, strengthens the company’s vision that one day everyone will be with crypto, Johnny Lyu, CEO, KuCoin, said. “KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a gateway into crypto space,” he added.
Additionally, KuCoin aims to leverage the pre-Series B round to build the next generation of KuCoin core trading system, to support its global regulation efforts, and enhance security and risk management systems.
For Tak Fujishima, head of Asia, Jump Crypto, cryptocurrency exchange KuCoin provides a platform of crypto services to a global audience, which is one of the many reasons we led the round. “We are looking forward to supporting 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 Web3 and the crypto markets,” he stated.
Launched in September, 2017, Kucoin operates around 700 digital assets. It provides services such as spot trading, margin trading, P2P fiat trading, futures trading, staking and lending, to its claimed 18 million users in 207 countries and regions across the world.