KuCoin raises $150M in pre-Series B funding to expand presence in Web 3.0
- KuCoin ranks among the world's largest crypto exchange platforms.
- It announces a $150 million capital raise at a $10 billion valuation.
- KuCoin will invest the funds to bolster its platform offerings.
KuCoin, a leading crypto exchange in the world, has announced that it has raised $150 million in its pre-Series B funding round to pioneer exploration in Web 3.0. The funding saw the evaluation of KuCoin rise to $10 billion.
The pre-Series B funding round saw several investment funds including IDG Capital, Circle Ventures, and Matrix Partners participate.
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Following the successful pre-Series B funding round, the CEO of KuCoin, Johny Lyu, said:
“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.”
Expanding into Web 3.0
The additional funds will allow KuCoin to expand its decentralized trading services and venture into Web 3.0 through crypto wallets, NFT products, GameFi, and DeFi through its different investment arms (KuCoin Labs and KuCoin Ventures).
The funds from the pre-Series funding shall also be used in building the next generation of KuCoin core trading system to increase performance, Support KuCoin’s global regulation efforts to serve its over 18 million users around the globe better, and enhance security and risk management systems to make the exchange more accessible and secure.
KuCoin also intends to leverage its public chain, the KCC, to allow users to create a decentralized ecosystem through the various available resources.
Commenting on the funding round, the head of Asia, Jump Crypto, Tak Fujishima, said:
“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.”
KuCoin was launched in 2017 and it is a global crypto exchange that offers over 700 digital assets.
It currently offers margin trading, futures trading, spot trading, P2P fiat trading, lending, and staking services to over 18 million users around the world.
Forbes named KuCoin as one of the best cryptocurrency exchanges in 2021 and CoinMarketCap also rates KuCoin among the top five crypto exchanges.
KuCoin had conducted a Series A funding in 2018 where it raised $20 million and it is, therefore, a huge achievement to have hit $150 million in its pre-series B funding.