KuCoin hits $10bn valuation with new $150m funding round
Global cryptocurrency exchange KuCoin has raised $150 million in a pre-Series B funding round, taking its valuation up to $10 billion.
Led by Jump Crypto, the round saw participation from multiple investment funds including Circle Ventures, IDG Capital and Matrix Partners.
With the new capital, KuCoin is aiming to boost its presence in the Web3 space. The firm will specifically look into crypto wallets, GameFi, DeFi and NFT platforms via its investment arms KuCoin Labs and KuCoin Ventures.
KuCoin also aims to build out its core trading system, with the new funding set to enhance performance by “tenfold”.
Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 700 digital assets.
It claims to have 18 million users in over 200 countries and currently provides features such as spot trading, margin trading, P2P fiat trading, futures trading and staking.
KuCoin also plans to leverage the funding to support its global regulation efforts and enhance security and risk management to make the platform more secure and accessible.
Johnny Lyu, CEO of KuCoin, says the platform has been built for “all classes” of investors.
The company previously secured $20 million in Series A funding back in November 2018.