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KuCoin, a leading globally accessible Crypto-Exchange, raised $150 million in its pre-Series B funding round, according to a press release.
The financing round was led by the crypto-focused fund Jump Crypto, which was attended by Circle Ventures, IDG Capital and Matrix Partners, as well as several other investment funds. According to KuCoin, the financing brings the market valuation of the exchange to $ 10 billion.
KuCoin raised $20 million in its Series A funding round in November 2018.
Commenting on the round ahead of Series B, Johnny Lyu, CEO of KuCoin, said the financing was a “vote of confidence” for the exchange. The addition of new funds, according to Lyu, will support the platform’s vision of working towards a global adoption of crypto.
„KuCoin was designed for all classes of investors, and we believe that these new investors and partners will help make KuCoin a synonym for a reliable and trustworthy gateway into the crypto space“, he added.
Funding for Web3 expansion
KuCoin will use the new funds to support the growth of the Web3 sector with targeted projects in the areas of decentralized financing (DeFi), NFTs To support crypto wallets and GameFi.
The funding will also help to overhaul the KCC public chain to create a decentralized ecosystem. The investment will also play a crucial role in KuCoin’s plan to improve its centralized trading system to create a next-generation platform that will enable a tenfold increase in network performance.
Global regulation and security and risk management efforts are also aspects that the exchange will pursue with the funds.
With a global user base of more than 18 million and access in 207 countries, KuCoin is one of the leading centralized exchanges in the world.
Data from CoinMarketCap places the exchange among the top five platforms, with users enjoying services such as spot trading, P2P fiat trading, margin trading and futures trading. Users also get access to staking and lending.
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