Kucoin, a Seychelles-based cryptocurrency exchange, has announced it has raised $150 million in a pre-Series B funding round. The negotiation, which was led by Jump Crypto with the participation of other investors including Circle Ventures, IDG Capital, and Matrix Partners, has conferred the exchange a valuation of $10 billion. The exchange will use these funds to keep expanding in the Web3 sector.
Kucoin to Expand in the Web3 Arena
Crypto exchange Kucoin has announced it has raised $150 million as a part of its pre-Series B funding round. The company, which had raised $20 million in its Series A funding round back in November 2018, has reached a valuation of $10 billion with this capital influx.
The pre-funding round investment was led by Jump Crypto, and had participation from other VC firms in the sector, including Circle Ventures, IDG Capital, and Matrix Partners. On this round, Johnny Liu, CEO of Kucoin, stated:
The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into crypto space.
With this new capital influx, Kucoin is aiming to go beyond the centralized exchange business and start expanding to decentralized use cases, including the Web3 movement. This includes possible investments in fields like crypto wallets, defi, gaming applications, and NFT platforms. Another point of investment is KCC, the exchange’s blockchain, which aims to also benefit from this investment to become more decentralized.
Kucoin further stated it will put some of these resources toward improving its trading system to better support the growing number of users on its platform, increasing the regional compliance effort to adapt to new regulations in more countries, and enhancing the security for traders using its trading desk.
This push from Kucoin to invest in this kind of decentralized initiative is not new. In November, Kucoin Labs, which is the investment and research arm of the exchange, launched a $100 million fund to support the growth of early metaverse applications. In the same vein, the exchange partnered with Windvane, an NFT market, to start a $100 million fund to empower NFT creators on the platform in April.
What do you think about Kucoin’s latest funding round? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
LUNA7 days ago
LUNA Supply Nears 7 Trillion, Is $1 Still Possible?
Celebrity5 days ago
A Celebrity Hair Stylist Who Makes $92,000/Month On YouTube Shares How Many Views She Needed To Quit Her Day Job
Masters6 days ago
Wittenborg University Of Applied Sciences Tech Women MBA Scholarship In The Netherlands For 2022/2023 – Latest Scholarships
IamUkraine Studio5 days ago
Leading European And Ukrainian Charity Foundations Announced Their Participation In The World’s First Innovative ChariFi’s Project – The Zelenskiy NFT, Developed By The IamUkraine Studio
Masters5 days ago
Victoria University Of Wellington Master Of Drug Discovery And Development Scholarship In New Zealand For 2022/2023 – Latest Scholarships
Uncategorized6 days ago
Traders Who Bought LUNA After the Crash Are Also Eligible for AirDrop – Do Kwon!
These5 days ago
These Travel Cards Have Annual Hotel Credits For An Extra Night Free Or Discounted Stay On Your Vacation
Altcoins6 days ago
Will Burning Excess LUNA tokens Really Impact the Price After it Failed Miserably with SHIB & ETH Price?