Global cryptocurrency exchange KuCoin aims to go beyond a centralized trading service. and focused on Web3 with new funding backed by companies like Circle Ventures.
KuCoin announce It officially announced on May 10 that it will raise $150 million in a pre-Series B funding round, bringing the company’s valuation to $10 billion.
Latest fundraising round Its main goal is to strengthen the exchange’s partnerships with key industry players as well as promote wider adoption of crypto. KuCoin CEO Johnny Lyu said:
“KuCoin is in good financial health. [… ] We are still in contact with a number of VCs and we are ready to have a new funding round in the near future. As long as we can find partners with the same values and vision as us.”
The latest funding for KuCoin was led by Jump Crypto, the cryptocurrency arm of Jump Trading Group. Circle Ventures, the crypto investment division of USD Coin (USDC) stablecoin, was among the new investors in the round.
Existing investors include major investment firm IDG Capital and private equity investment firm Matrix Partners, which participated in KuCoin’s $20 million Series A funding in November 2018.
As KuCoin plans to focus on decentralized trading services and Web3, the company plans to build and invest in cryptocurrency wallets, decentralized finance (DeFi) related services, GameFi and NFT token platforms, and The company plans to invest exclusively in KuCoin Labs and KuCoin Ventures, as well as the public community network known as KCC.
“Decentralization is a persistent trend. But we believe that centralization and decentralization will coexist in the future, which KuCoin hopes will better cater to the needs of investors of all levels,” Lyu said, adding that the company expects to launch a wallet product. Decentralized in late Q2 2022 and plans to launch Windwave on the NFT market in the near future.
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