Crypto platform KuCoin raises $150 million at $10 billion valuation

Global crypto exchange KuCoin has announced a $150 million pre-Series B funding round, bringing its valuation to $10 billion. The round, led by Jump Crypto, saw the participation of multiple investment funds, including Circle Ventures, IDG Capital, and Matrix Partners. 

The fresh round will help KuCoin to go beyond centralised trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and non-fungible token (NFT) platforms through investment arms such as KuCoin Labs and KuCoin Ventures. 

KCC, the public chain built by KuCoin’s community members, will also be a significant infrastructure where resources will be deployed to create a decentralised ecosystem. 

The funding will also help in enhance security and risk management systems to make the platform more secure and accessible. 

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.” 

According to CoinMarketCap, KuCoin is the fifth largest crypto exchange on the market. In November of 2018, KuCoin secured $20 million in Round A funding.  

Tak Fujishima, head of Asia, Jump Crypto, said: “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.” 

Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 700 digital assets. It currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 18 million users in 207 countries and regions.