Crypto Exchange KuCoin raises funding to $ 10 billion – TechCrunch

KuCoin’s valuation jumped to $ 10 billion in its first round of financing in four years as the global cryptocurrency exchange seeks to deepen its Web3 ecosystem, it said Tuesday.

The Seychelles-based company said it raised $ 150 million in a pre-Series B funding round led by Jump Crypto. Circle Ventures, IDG Capital and Matrix Partners also participated in the new round, KuCoin said.

The four-year-old platform is valued at $ 10 billion in the new round, up from $ 100 million after its $ 20 million Series A in November 2018, KuCoin CEO Johnny Lyu TechCrunch said. .

KuCoin, which has more than 18 million users in 200 countries and regions and is one of the largest exchanges measured by daily SPOT trading, plans to invest the new funds in expanding its portfolio of wallets, cryptographic, GameFi, DeFi and NFT platforms and DAO. , said Lyu. “This is how everyone is integrated into the ecosystem, and the value of the ecosystem again depends on the size and loyalty of these participants,” he said.

“This concept is basically why we traveled this round, web3 is about openness, and we want to build KuCoin in an open ecosystem, and an open system must bring many friends on board. The crypto world is so new that we want to ensure us that we can utilize all sources of information to guide our decision-making, and these leading investors can keep us up to date with the latest trends, ”he stated.

The company, which competes with Binance, Coinbase, FTX and, among others, has for a long time been exploring opportunities in the web3 ecosystem. At the end of last year, it launched its investment arm, KuCoin Ventures, through which it makes strategic and financial investments.

Lyu said the assets of the venture capital arm under management had already risen to “a few hundred million US dollars”.

KuCoin has grown in popularity – as well as fame – for the list of tokens with a small to medium market value. One of the popular ways that some savvy traders previously profited was to place big bets on the new KuCoin that was being listed and sell them as soon as their trade went live on the central stock exchange.

(Theoretically, especially during a bull cycle, retail investors also have a chance to make good money on these tokens. Because their market values ​​are too small compared to those listed on Coinbase and Binance, growth on paper is higher.)

Lyu said giving users potential high-quality projects is “one of our core strategies at KuCoin and one of the reasons we’re known as the ‘People’s Exchange’.”

“As you can see, KuCoin, as a house of hidden gems, not only keeps track of hot industrial sectors in real time, but also thoroughly investigates potential projects in different sectors, even if it’s of a small or medium cap token at some point, He said. “For example, we have listed many new projects as world premieres, whether it is through the normal listing or KuCoin Spotlight, KuCoin BurningDrop, where many projects have proven to be of very high quality and potential after a period of The prerequisite for guaranteeing its enormous potential and quality is that we have professional, complete and rigorous related processes.

The company said it has seen an increase in demand for centralized services over the years, but is committed to meeting the needs of users who also want some decentralized services.

“We noticed that some users would prefer to use DEX because it can be integrated directly into the larger native crypto ecosystem. In fact, we are exploring and developing decentralized products like NFT Marketplace – Windvane. In addition, KCC, built jointly by KuCoin community members, and KCS fans, also be an important aspect for KuCoin to build a decentralized ecosystem, with DEX and other protocols such as loans and stack coins coming together. Tap it. We also have a P2P service for users who want to convert fiat currencies into digital assets with the lowest fees and a high level of security, ”he said.

The exchange is also working to step up its efforts to support global regulatory requirements and is investing to improve its safety and risk management systems, he said.

“KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons why we are proud to lead this round,” said Tak Fujishima, Head of Asia at Jump Crypto. , in a press release. “We are excited to support the company as it continues to grow and expand its future and margin, lending, efforts and passive dividend generation offerings to support the growth of Web 3.0 and crypto markets.”

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