KuCoin raises $150 million to reach a $10 billion valuation
KuCoin, one of the leading crypto exchanges in the world is now valued at $10 billion following its latest funding round.
KuCoin, a global leading crypto exchange has announced that it had raised $150 million in a pre-Series B funding round. This latest development brings the company’s total valuation to $10 billion.
In a press release shared with Coinjournal, KuCoin said the funding round was led by Jump Crypto and saw the participation of multiple investment funds, including Circle Ventures, IDG Capital, and Matrix Partners.
KuCoin said the funds raised from this funding round would enable it to go beyond centralised trading services and enter new areas in Web3.0 including crypto wallets, GameFi, DeFi, and NFT platforms through investment arms like KuCoin Labs and KuCoin Ventures.
Furthermore, KCC, the public chain built by KuCoin’s community members, will play a huge role moving forward as it will help in the distribution of resources to create a decentralised ecosystem.
Johnny Lyu, CEO of KuCoin, said;
“The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. 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.”
KuCoin said it also plans to use the funds to build the next generation of KuCoin core trading system, boost security and risk management systems and support KuCoin’s global regulation efforts.
Tak Fujishima, Head of Asia, Jump Crypto is excited by this latest development. He commented that;
“KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re proud to lead this round. 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 one of the largest crypto exchanges in the world, with a daily trading volume of over $4.5 billion.