HomeBitcoin NewsCryptocurrency Exchange Kucoin Raises $150 Million in Pre-Series B Funding Round, Reaches $10 Billion Valuation
Cryptocurrency Exchange Kucoin Raises $150 Million in Pre-Series B Funding Round, Reaches $10 Billion Valuation
May 11, 2022
Kucoin, a Seychelles-based cryptocurrency change, has introduced it has raised $150 million in a pre-Series B funding spherical. The negotiation, which was led by Jump Crypto with the participation of different traders together with Circle Ventures, IDG Capital, and Matrix Partners, has conferred the change a valuation of $10 billion. The change will use these funds to maintain increasing within the Web3 sector.
Kucoin to Expand within the Web3 Arena
Crypto change Kucoin has announced it has raised $150 million as part of its pre-Series B funding spherical. The firm, which had raised $20 million in its Series A funding spherical again in November 2018, has reached a valuation of $10 billion with this capital inflow.
The pre-funding spherical funding was led by Jump Crypto, and had participation from different VC corporations within the sector, together with Circle Ventures, IDG Capital, and Matrix Partners. On this spherical, Johnny Liu, CEO of Kucoin, acknowledged:
The vote of confidence from distinguished traders, together with Jump Crypto and Circle Ventures, solidifies our imaginative and prescient that someday everybody might be with crypto. KuCoin is constructed for all courses of traders, and we consider these new traders and companions will contribute to creating KuCoin synonymous with a dependable and reliable gateway into crypto house.
With this new capital inflow, Kucoin is aiming to transcend the centralized change enterprise and begin increasing to decentralized use circumstances, together with the Web3 motion. This consists of potential investments in fields like crypto wallets, defi, gaming functions, and NFT platforms. Another level of funding is KCC, the change’s blockchain, which goals to additionally profit from this funding to grow to be extra decentralized.
Kucoin additional acknowledged it is going to put a few of these sources towards bettering its buying and selling system to higher assist the rising variety of customers on its platform, growing the regional compliance effort to adapt to new laws in additional nations, and enhancing the safety for merchants utilizing its buying and selling desk.
This push from Kucoin to spend money on this type of decentralized initiative shouldn’t be new. In November, Kucoin Labs, which is the funding and analysis arm of the change, launched a $100 million fund to assist the expansion of early metaverse functions. In the identical vein, the change partnered with Windvane, an NFT market, to start a $100 million fund to empower NFT creators on the platform in April.
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