KuCoin has raised $150 million in a pre-series B funding round at a $10 billion valuation
The funding round was led by Jump Crypto with additional participation by Circle Ventures, IDG Capital, and Matrix Partners
KuCoin plans to expand beyond trading and into Web 3.0, including crypto-wallets, GameFi, DeFi, and NFTs
The cryptocurrency trading platform of KuCoin has announced that it has raised $150 million in a pre-series B funding round at a $10 billion valuation. Jump Crypto led the funding round with additional participation by Circle Ventures, IDG Capital, and Matrix Partners.
KuCoin Plans to Venture into Web 3.0
According to the team at KuCoin, the influx of capital will be utilized by the exchange to ‘go beyond centralized trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms.’
The expansion will be achieved through its investment arms of KuCoin Labs and KuCoin Ventures. The KuCoin Chain (KCC) built by its community will also play a significant role as part of the infrastructure for deploying a decentralized ecosystem.
KuCoin also intends to leverage the funds raised in the Pre-series round to achieve the following:
Creation and building of the next generation KuCoin core trading system focusing on ‘tenfold performance improvement’
Supporting KuCoin’s global efforts on regulation to better serve 18 million users in over 200 countries and regions
Enhancing security and risk management systems to make KuCoin more secure and accessible. This goal is particularly important as KuCoin was a victim of a hacking incident back in 2020.
Tak Fujishima, Head of Asia, Jump Crypto, further reiterated KuCoin’s vision through the following statement:
KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re 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 yield generation to support the growth of Web 3.0 and the crypto markets.