KuCoin has announced that it has raised a $150 million pre-series B funding round led by Jump Crypto. The event was also attended by Circle Ventures, IDG Capital and Matrix Partners.
After the funding round, the exchange’s value surged to $10 billion.
Beyond centralized trading
According to the official press release, the Seychelles-based company said it will focus on expanding its reach beyond centralized trading. With support from investment sectors such as KuCoin Labs and KuCoin Ventures, we want to strengthen our presence in new areas including Web 3, crypto wallets, GameFi, DeFi and NFT platforms.
Therefore, KuCoin plans to create a decentralized ecosystem by utilizing the public chain built by KCC, a community member, as an infrastructure and distributing resources on top of it.
New capital inflows will also be poured into building the exchange’s core trading system to improve performance, support global regulatory efforts, and strengthen security and risk management systems.
The platform is now worth $10 billion, a significant increase since its inception in November 2018 when Series A raised $20 million. In a statement, KuCoin CEO Johnny Lyu said:
“The vote of confidence from prominent investors including Jump Crypto and Circle Ventures solidifies our vision that one day everyone will be with cryptocurrency. KuCoin is built for investors of all classes and we believe that these new investors and partners will contribute to making KuCoin synonymous with a trusted and trusted gateway to the crypto space.”
Web 3 Bidding
The latest news came less than a month after KuCoin’s VC arm, KuCoin Ventures, and NFT market, Windvane, announced they were setting up a $100 million fund focused on NFTs.
Dubbed the “Creators Fund,” its primary goal is to support and nurture early-stage NFT projects, including arts, sports, GameFi, and celebrities. The blockchains supported for this initiative (ETH, BSC and FLOW) will allow users to select and purchase any digital collectible on the KuCoin cross-chain aggregator.
The company also launched a $100 million fund last year to focus on supporting teams trying to develop the metaverse project. As previously reported, the company plans to use user traffic to promote the project Initial NFT Offering (INO).
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