KuCoin, the fifth largest cryptocurrency exchange according to CoinMarketCap, has announced a new round of funding to expand its presence on the web3. Many investment funds participated in the tour. With the collection of 150 million dollars, the stock market managed to increase its valuation to 10 billion dollars. Here are the details…
KuCoin raises 150 million: What will the funds be used for?
Launched in September 2017 and currently one of the largest cryptocurrency exchanges, KuCoin has announced its pre-series B funding round. The stock market, which has collected 150 million dollars in this round, has increased its valuation to 10 billion dollars. While Jump Crypto led the round, multiple mutual funds such as Circle Ventures, IDG Capital and Matrix Partners also participated. This new capital will enable KuCoin to expand its presence in various fields and become a pioneer.
The exchange includes branches of the platform such as KuCoin Labs and KuCoin Ventures; GameFi will expand its presence in the Web3 space in general, including decentralized finance (DeFi) and non-fungiable tokens (NFT). As it is known, KuCoin currently offers services such as spot trading, margin trading, P2P fiat trading, futures trading, staking and lending to its 18 million users.
The platform is aimed to be developed further
With this development, the KuCoin Community Chain (KCC), created by KuCoin’s community members, will be used as an infrastructure. Created by KCS fans and KuCoin’s fan communities, KCC is an Ethereum Virtual Machine (EVM) compatible and high-performance decentralized public chain. Its purpose is to solve the problems of the public chain such as low performance and high cost, to provide a faster, more convenient and cost-effective experience to community users. KCC will be an infrastructure where resources will be distributed with its decentralized nature in developments in Web3.
Proceeds from KuCoin’s pre-series round will be used to improve the platform as well as Web3 purposes. Items planned for improvement include “creating the next-generation KuCoin core trading system that enables performance to increase tenfold”, “supporting the exchange’s compliance efforts to better serve 18 million users in more than 200 countries and regions”, “to make the platform more secure and accessible” developing security and risk management systems”.
KuCoin CEO and Jump Crypto President made statements on the subject
KuCoin’s CEO John Kyu, from leading investors such as Jump Crypto and Circle Ventures from the game of trust; He points out that it “solidifies his vision that one day everyone will enter the cryptocurrency space.” While the CEO underlined that KuCoin was created for all investors; says investors and partners have contributed to making KuCoin synonymous with “credibility” in the cryptocurrency space. KuCoin had previously raised $20 million in its Series A funding round in November 2018.
On the other hand, as we mentioned above, leading the final round, Jump Crypto’s Asia President Tak Fujishima states that KuCoin offers a comprehensive crypto service to its global users. He also points to web3 as the motivation behind his latest investments. Fujishima uses the following statements in his comments on the subject:
KuCoin provides a comprehensive platform of crypto services to a global audience, and this is one of the many reasons why we are proud to lead this round. We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive income generation to support the growth of the web 3.0 and crypto markets.
