Cryptocurrency exchange KuCoin announced on Tuesday it has successfully raised $150 million in funds in a pre-Series B financing round.
The latest funding which brings the company’s valuation to $10 billion saw participation from investors including Jump Crypto, Circle Ventures, IDG Capital, and Matrix Partners.
Kucoin will use the proceeds to further develop its Web3 ecosystem. The firm is moving in on crypto wallets, decentralized finance (DeFi) and non-fungible tokens (NFT).
The press release further details that KuCoin also plans to allocate 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.
KuCoin’s CEO Johnny Lyu believes the the Web3 space holds massive opportunities for crypto and said:
“The world of crypto is so new that we want to make sure we can leverage all sources of information to guide our decision making, and these prominent investors can keep us updated on the latest trends.”
The crypto exchange has already taken its first steps into the decentralized world with the announcement of Windvane, a new decentralized NFT marketplace powered by KuCoin.
Tak Fujishima, Jump Crypto’s Head of Asia, said:
“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.”
KuCoin is currently the fifth-largest crypto exchange according to CoinMarketCAp, with Binance, Coinbase, FTX, and Crypto.com as major competition in Web3 and metaverse expansion.
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Source: Igaming
