Cryptocurrency Exchange Kucoin Raises $150 Million In Pre-Series B Funding Round, Reaches $10 Billion Valuation – Bitcoin News

Kucoin, a Seychelles-based cryptocurrency exchange, announced that it has raised $150 million in a pre-Series B funding round. The negotiations, spearheaded by Jump Crypto with the participation of other investors including Circle Ventures, IDG Capital and Matrix Partners, gave the exchange a $10 billion valuation. The exchange will use this money to continue expanding into the Web3 segment.

Kucoin Expands to Web3 Arena

Cryptocurrency exchange Kucoin has announced that it has raised $150 million as part of a pre-Series B funding round. The company, which raised $20 million in its first funding round in November 2018, has reached a valuation of $10 billion with this capital inflow.

Jump Crypto led the pre-fund investment round, which involved other venture capital firms in the sector, including Circle Ventures, IDG Capital and Matrix Partners. On this tour, Johnny Liu, CEO of Kucoin stated:

A vote of confidence from notable investors, including Jump Crypto and Circle Ventures, reinforces our vision that one day everyone will be with crypto. KuCoin is designed for all classes of investors, and we believe that these new investors and partners will contribute to making KuCoin synonymous with a trustworthy and reliable gateway into the crypto space.

new opportunities

With this new influx of capital, Kucoin aims to bypass the centralized exchange business and begin expanding into decentralized use cases, including Web3 traffic. This includes potential investments in areas such as cryptocurrency wallets, Defi, gaming applications, and NFT platforms. Another point of investment is KCC, the exchange’s blockchain, which also aims to leverage this investment to become more decentralized.

Kucoin further stated that it will put some of these resources into improving its trading system in order to better support the growing number of users on its platform, increase regional compliance efforts to adapt to new regulations in more countries, and enhance security for traders using its trading. Desk.

This push by Kucoin to invest in this kind of decentralized initiative is nothing new. In November, Kucoin Labs, the investment and research arm of the exchange, launched a $100 million fund to support the growth of early metaverse applications. Along the same lines, the exchange partnered with Windvane, an NFT marketplace, to launch a $100 million fund to empower NFT creators on the platform in April.

What do you think of Kucoin’s latest funding round? Tell us in the comments section below.

Sergio Goshchenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as a latecomer, he entered the crypto space when the price spike occurred during December 2017. Because he has a background in computer engineering, lives in Venezuela, and is influenced by the crypto boom on a social level, he offers a different perspective on the success of crypto and how it helps people who They do not deal with banks and the disadvantaged.

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