Seychelles-based cryptocurrency exchange Kucoin has announced that it has raised $150 million ahead of a Series B funding round. The talks, led by Jump Crypto with participation from other investors including Circle Ventures, IDG Capital and Matrix Partners, value the exchange at $10 billion. The exchange will use the funds to continue expanding in the Web3 space.
Kucoin will expand in Web3 Arena
Cryptocurrency exchange Kucoin has Announce It has raised $150 million as part of its pre-Series B funding round. The company raised $20 million in a Series A round in November 2018, and has reached a valuation of $10 billion as capital pours in.
The pre-round investment was led by Jump Crypto, with participation from other venture capital firms including Circle Ventures, IDG Capital and Matrix Partners. In this round of financing, KuCoin CEO Johnny Liu said:
Votes of confidence from prominent investors including Jump Crypto and Circle Ventures solidify our vision that one day everyone will use cryptocurrencies. KuCoin is built for investors of all classes, and we believe these new investors and partners will help make KuCoin synonymous with a reliable and trusted gateway into the crypto space.
With the influx of new capital, Kucoin aims to move beyond the centralized exchange business and start expanding into decentralized use cases, including the Web3 movement. This includes possible investments in areas such as crypto wallets, defi, gaming applications and NFT platforms. Another investment point is the exchange’s blockchain KCC, which aims to benefit from this investment and become more decentralized.
Kucoin further stated that it will use some of these resources to improve its trading system to better support the growing number of users on its platform, increase regional compliance efforts to accommodate new regulations in more countries, and increase trader usage Its transaction security desk.
Kucoin’s push to invest in such decentralized schemes is nothing new. In November, Kucoin Labs, an exchange investment and research institution, roll out A $100 million fund to support the development of early Metaverse applications. Likewise, the exchange has partnered with NFT marketplace Windvane, start A $100 million fund to license NFT creators on the platform in April.
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