The proceeds from the pre-Series B round will go to fund expanding KuCoin’s reach beyond centralized trading. KuCoin wants to focus on Web 3, crypto wallets, GameFi, DeFi, and NFT platforms.
Crypto exchange KuCoin has raised as much as $150 million pre-Series B funding round. The round was led by Jump Crypto, the cryptocurrency arm of the decades-old trading firm Jump Trading Group, with Circle Ventures, IDG Capital, and Matrix Partners participating as well. As a result of the round, KuCoin has been valued at $10 billion, up from $100 million back in November 2018.
KuCoin CEO Johnny Lyu commented:
“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.”
According to KuCoin, the proceeds from the pre-Series B round will go to fund expanding its reach beyond centralized trading. In particular, KuCoin wants to focus on Web 3, crypto wallets, GameFi, DeFi, and NFT platforms, with the support of its investment arms like KuCoin Labs and KuCoin Ventures. As KuCoin has said, it has seen an increase in demand for centralized services over the years. However, the company aims at catering to users who also want to avail of some decentralized services.
KuCoin also plans to leverage the pre-Series B round to build the next generation of the KuCoin core trading system, which will bring a tenfold performance improvement. Further, it will support KuCoin’s global regulation efforts to better serve 18 million users in over 200 countries and regions. Finally, KuCoin is planning to enhance security and risk management systems to make its platform more secure and accessible.
About KuCoin
KuCoin is the fifth-largest cryptocurrency exchange, with 10 million users in 207 countries. Launched in 2017, KuCoin offers over 600 cryptocurrencies for users to buy, sell and trade at relatively low trading fees in comparison to other exchanges. KuCoin also supports staking and margin, futures, and P2P trading, which may appeal to more experienced users. Its main rivals are Binance, Coinbase, FTX, and Crypto.com.
Back in November 2018, KuCoin raised $20 million in a Series A round led by IDG Capital, Matrix Partners, and the venture capital arm of Chinese crypto organization Neo. The company used the proceeds to bring on more support staff and to expand to new countries. In particular, it was targeting Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries during Q4 2018.
In August 2021, KuCoin made it to the Forbes list of best crypto exchanges. Besides, in February this year, the Ascent also named KuCoin the best cryptocurrency app 2022 for enthusiasts. The award recognizes the efforts made by the crypto exchange in establishing competitive fees, maintaining robust security and transparency, and understanding its customer rules.
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