KuCoin Secures $150m in Pre-Series B Funding, Reaching a $10bn Market Cap

WikiBit 2022-05-11 17:51

KuCoin Exchange, the world's fifth-largest brokerage platform by trading volume, has announced a $150 million pre-Series B fundraising round.

　　The trading platform stated that the cash raised would be used to enhance its present centralized service offerings in order to gain a footing in the larger Web3.0 ecosystem. The exchange stated that it would continue to enhance its crypto wallet services as well as expand its engagement in gaming, Decentralized Finance (DeFi), and Non-Fungible Tokens (NFTs) via its investment arms KuCoin Labs and KuCoin Ventures.

　　“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 (the) crypto space,” said Johnny Lyu, CEO of KuCoin.

　　Jump Crypto led this round of fundraising, with Circle Ventures, IDG Capital, and Matrix Partners also participating.

　　Following the completion of its Series A round in November 2018, the firm's total capital raised now stands at $170 million. With the additional liquidity, the exchange stated that it is committed to expanding its platform to make it ten times more efficient than it is now.

　　According to Tak Fujishima, Head of Asia, Jump Crypto, the exchange's support is based on the company's years of experience providing crypto services.

　　“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 yield generation to support the growth of Web 3.0 and the crypto markets,” said Tak Fujishima, Head of Asia, Jump Crypto.

　　KuCoin has now joined the ranks of major trading platforms such as FTX Derivatives Exchanges and Coinbase, which are both valued at more than $10 billion.

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