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KuCoin Raises $150M at $10B Valuation to Focus on Web3, NFT and DeFi

KuCoin Raises $150M at $10B Valuation to Focus on Web3, NFT and DeFi, Crypto Trading News
KuCoin has announced it will raise a $150 million pre-Series B funding round led by Jump Crypto. Also attending the event were Circle Ventures, IDG Capital and Matrix Partners.

The exchange’s valuation rose to $10 billion following the funding round.

Beyond centralized trade

According to the official press release, the Seychelles-based company said it will focus on expanding its reach beyond centralized trading. It wants to increase its presence in new areas including Web 3, crypto wallets, GameFi, DeFi– and NFTplatforms, with the support of its investment arms such as KuCoin Labs and KuCoin Ventures.

As such, KuCoin plans to use the public chain built by the community members – KCC – as infrastructure to deploy resources on it to create a decentralized ecosystem.

The new inflow of capital will also go towards building out the exchange’s central trading system to improve performance, support global regulatory efforts and improve security and risk management systems.

The platform is now valued at $10 billion, a massive increase since its inception when it raised $20 million in a Series A in November 2018. In a statement, KuCoin CEO Johnny Lyu said:

“The vote of confidence from prominent investors including Jump Crypto and Circle Ventures solidifies our vision that one day everyone will be for crypto. KuCoin was built for all classes of investors, and we believe these new investors and partners will help make KuCoin synonymous with a reliable and trusted gateway into the crypto space.”

The Web 3 imperative

The latest news comes less than a month after KuCoin’s VC arm – KuCoin Ventures – as well as its NFT marketplace – Windvane – announced the launch of a $100 million NFT-focused fund.

Dubbed the “Creators Fund”, its primary goal is to support and incubate early-stage NFT projects, including arts, sports, game-fi, and celebrity. The supported blockchains for this initiative – ETHBSC and FLOW – will allow users to select and buy any digital collectibles on KuCoin cross-chain aggregators.

The company also raised a $100 million fund last year to focus on supporting teams looking to develop Metaverse projects. As previously reported, the company plans to use its user traffic to promote INO (Initial NFT Offering) projects.

Source: Crypto News Deutsch

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