Crypto exchange KuCoin, has raised $150 million in a pre-Series B funding round, valuing the business at $10 billion. Jump Crypto lead the round which also included funds from IDG Capital, Circle Ventures, and Matrix Partners.
The crypto exchange is the fifth largest on the market. In November of 2018, KuCoin secured $20 million in Round A funding.
The new influx of capital will allow KuCoin to go beyond centralized trading services and The money is required for an expansion of the company's Web3 activities including crypto wallets, GameFi, DeFi, and NFT platforms through investment arms like KuCoin Labs and KuCoin Ventures.
It will also help it to move beyond centralized trading services.
KCC, the public chain built by KuCoin's community members, will also be a significant infrastructure where resources will be deployed to create a decentralized ecosystem.
KuCoin says it also plans to leverage the pre-Series B round to:
- Build the next generation of KuCoin core trading system, resulting in tenfold performance improvement.
- Support KuCoin’s global regulation efforts to better serve 18 million users in over 200 countries and regions.
- Enhance security and risk management systems to make the platform more secure and accessible.
According to Johnny Lyu, CEO of KuCoin, states: "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."
Tak Fujishima, Head of Asia, Jump Crypto which led the round, said: “KuCoin provides a comprehensive platform of crypto services to a global audience. 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.”