Cryptocurrency exchange platform KuCoin has raked in $150 Million in a fresh pre-series B fundraise. KuCoin, a fourth year startup, is now valued at a towering $10Bn.
The round saw primary participation from Jump Crypto, while other investors include Circle Ventures, IDG Capital, and Matrix Partners. This was KuCoin’s first financing round since 2018, pointing to the rather rare, impressive success run the company has had. Launched in September 2017, the crypto exchange has grown to become one of the most popular, with over 10 million registered users across 200+ countries and regions around the world.
Chief Executive at KuCoin, Johnny Lyu, was elated over the confidence shown by multiple investors. He was quoted saying “As the Web 3 industry is growing quickly, we are seeing a massive need for new solutions and talents. KuCoin is glad to contribute financial, technological and human resources to accelerate the research and adoption of Web 3.0 technologies.”
KuCoin, founded in September 2017 by Johnny Lyu, is one of the world’s largest cryptocurrency exchange, offering consumer to trade for around 700 digital assets. They also offer other features like spot trading, P2P Fiat trading (Centralised service), futures trading, margin trading, skating and lending to their vast userbase of around 18 million across 207 countries.
KuCoin will be using the proceeds from this round to attain a stronger foothold in the Web3 space, partnering up with Crypto wallets, DeFi and NFT Platforms. They also have venture arms in the form of KuCoin Ventures and KuCoin Labs, which have already invested around $200 million in various startups.
Jump Crypto, a research driven crypto trading firm, seem to have established a strategic relationships by leading this round of funding. Jak Fujima, Asian Head for Jump Crypto, said “We are looking forward to supporting 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 Web3 and the crypto markets.”
KuCoin competes with other well established names in the form of Binance, FTX and Crypto.com, all of which have been making significant headways in establishing strongholds in the Web3 space.