Aditya Hadi Pratama · · 1 min readCrypto exchange KuCoin bags $150m, joins decacorn club
Global crypto exchange KuCoin has raised US$150 million in a pre-series B round led by Jump Crypto, with participation from Circle Ventures, IDG Capital, and Matrix Partners. The deal puts the company’s valuation at US$10 billion.
Image credit: KuCoin
KuCoin was founded by Michael Gan and Johnny Lyu in 2017. They started the business in Singapore but it is currently headquartered in Seychelles. In 2018, the firm secured US$20 million in a series A funding round from IDG Capital, Matrix Partners, and Neo Global Capital.
The startup offers services such as spot trading, margin trading, peer-to-peer fiat trading, futures trading, staking, and lending. It has more than 18 million registered users, which places it as one of the top five crypto exchanges in the world, CoinMarketCap data shows.
KuCoin plans to use the fresh funding to improve the core trading system, enhance security, and support its global regulation efforts. It also aims to expand its offerings in other Web3 sectors – including crypto wallets, GameFi, DeFi, and NFTs – through its investment arms KuCoin Labs and KuCoin Ventures.
See also: Music NFTs could be the next breakthrough application in crypto
Editing by Miguel Cordon and Lorenzo Kyle Subido
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