Crypto News

KuCoin valued at $10 billion as part of a $150 million capital raise.

KuCoin, a leading globally accessible crypto exchange, has raised $150 million in its pre-Series B funding round, according to a press release.

The funding round was led by crypto-focused fund Jump Crypto, which included Circle Ventures, IDG Capital, and Matrix Partners, among several other investment funds. According to KuCoin, the funding brings the exchange’s market valuation to $10 billion.

KuCoin raised $20 million in its Series A funding round in November 2018.

Commenting on the round ahead of the Series B, KuCoin CEO Johnny Lyu said the funding was a “vote of confidence” in the exchange. The infusion of new funds, according to Lyu, will support the platform’s vision of working toward global crypto adoption.

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,” he added.

Means for Web3 expansion

KuCoin will use the new funds to support the growth of the Web3 sector with targeted projects in the areas of decentralized finance (DeFi), NFTscrypto wallets and GameFi support.

The funding will also help overhaul the public chain KCC to create a decentralized ecosystem. The investment will also play a crucial role in KuCoin’s plan to upgrade its core trading system to enable a next-generation platform that will enable a 10x increase in network performance.

Global regulation as well as security and risk management efforts are also aspects that the exchange will pursue with the funds.

With a global user base of more than 18 million and access in 207 countries, KuCoin is one of the leading centralized exchanges in the world.

Data from CoinMarketCap places the exchange among the top five platforms, with users enjoying services like spot trading, P2P fiat trading, margin trading, and futures trading. Users also get access to staking and lending.

Source: Crypto News Deutsch

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