Kucoin, a Seychelles-based cryptocurrency exchange, announced that it had raised $ 150 million in a pre-Series B financing round. The trade, which was led by Jump Crypto with the participation of other investors, including Circle Ventures, IDG Capital and Matrix Partners, gave the exchange a valuation of $ 10 billion. The exchange will use these funds to continue to grow in the Web3 sector.
Kucoin will grow in the Web3 arena
Crypto exchange Kucoin announced that it raised $ 150 million in its pre-Serie B financing round. The company, which raised $ 20 million in its Serie A financing in November 2018, reached a valuation of $ 10 billion with this capital inflow.
The pre-financing round investment was led by Jump Crypto and had participation from other venture capital firms in the industry, including Circle Ventures, IDG Capital and Matrix Partners. During this round, Johnny Liu, CEO of Kucoin, said:
The declaration of confidence from leading investors, including Jump Crypto and Circle Ventures, strengthens our vision that everyone will one day be with crypto. KuCoin is designed for all categories of investors, and we believe that these new investors and partners will help make KuCoin a reliable and credible gateway to the cryptocurrency space.
With this new capital inflow, Kucoin aims to move beyond centralized exchange activity and begin to expand into decentralized use cases, including the Web3 movement. This includes possible investments in areas such as crypto wallets, challenge, gaming apps and NFT platforms. Another investment point is KCC, the stock exchange’s blockchain, which also aims to take advantage of this investment to become more decentralized.
Kucoin further stated that it will devote some of these resources to improving its trading system to better support the growing number of users on its platform, increase regional compliance efforts to adapt to new rules in more countries and improve the security of merchants using without platform. trading system. office.
This push from Kucoin to invest in this kind of decentralized initiative is nothing new. In November, Kucoin Labs, the stock market’s investment and research arm, launched a $ 100 million fund to support the growth of early metaverse applications. Similarly, the exchange partnered with Windvane, an NFT marketplace, to launch a $ 100 million fund to empower NFT creators on the platform in April.
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