Crypto exchange KuCoin raised $150 million in a pre-Series B funding round, valuing the company at $10 billion. Jump Crypto led the round which also included funds from IDG Capital, Circle Ventures and Matrix Partners.
The crypto exchange is the fifth largest in the market. In November 2018, KuCoin secured $20 million in Series A funding.
The new influx of capital will allow KuCoin to go beyond centralized trading services and the money is needed for an expansion of the company’s Web3 businesses, including crypto wallets, GameFi, DeFi and platforms NFT through investment arms like KuCoin Labs and KuCoin Ventures.
It will also help it go beyond centralized trading services.
KCC, the public chain built by KuCoin community members, will also be an important infrastructure where resources will be deployed to create a decentralized ecosystem.
KuCoin says it also plans to leverage the pre-series B round to:
- Build the next generation of KuCoin’s core trading system, which will result in tenfold performance improvement.
- Support KuCoin’s global regulatory efforts to better serve 18 million users in over 200 countries and regions.
- Improve security and risk management systems to make the platform more secure and accessible.
According to Johnny Lyu, CEO of KuCoin, says, “KuCoin is designed for all categories of investors, and we believe these new investors and partners will help make KuCoin a reliable and trustworthy gateway to the crypto space.”
Tak Fujishima, Head of Asia, Jump Crypto, who led the round, said, “KuCoin provides a comprehensive platform of crypto services to a global audience. We are excited to support the company as it continues to grow and expand its futures and margin, lending, staking and passive yield generation offerings to support the growth of Web 3.0 and marketplaces. of cryptography.