KuCoin, a leading crypto exchange accessible across the world, has raised $150 million in its pre-Series B funding round, according to details shared via a press release.
The funding round was led by crypto-focused fund Jump Crypto, with Circle Ventures, IDG Capital, and Matrix Partners among several other investment funds participating. According to KuCoin, the funding brings the exchange’s market valuation to $10 billion.
KuCoin raised $20 million in its Series A funding round in November 2018.
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Commenting on the pre-Series B round, KuCoin CEO Johnny Lyu said the funding is a “vote of confidence” in the exchange. The injection of fresh funds, according to Lyu, will help the platform’s vision working towards global adoption of 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,” he added.
Funds to go into Web3 expansion
KuCoin will use the new funds to help Web3 sector growth, with targeted projects in decentralized finance (DeFi), NFTs, crypto wallets, and GameFi.
The financing will also help revamp the public chain KCC to create a decentralized ecosystem. The investment will also play a crucial role in KuCoin’s plan to improve its core trading system to enable a next-gen platform boosting a tenfold uptick in network performance.
Global regulation as well as security and risk management efforts are also aspects the exchange will pursue using the funds.
With a global user base of more than 18 million and accessible in 207 countries, KuCoin ranks as one of top centralized exchanges in the world.
Data from CoinMarketCap puts the exchange among the top five platforms, with users enjoying services such as spot trading, P2P fiat trading, margin trading, and futures trading. Users also get access to staking and lending.
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KuCoin secures $150 million at $10 Billion valuation to pioneer exploration in Web3
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