Crypto Exchange KuCoin Raises Funding To $10 Billion – TechCrunch

KuCoin’s valuation jumped to $10 billion in its first funding round in four years as the global cryptocurrency exchange seeks to deepen its Web3 ecosystem, it said on Tuesday.

The Seychelles-based company said it raised $150 million in a pre-Series B funding round led by Jump Crypto. Circle Ventures, IDG Capital and Matrix Partners also participated in the new round, KuCoin said.

The four-year-old platform is valued at $10 billion in the new round, up from $100 million after its $20 million Series A in November 2018, KuCoin chief executive Johnny Lyu told TechCrunch. .

KuCoin, which has more than 18 million users in 200 countries and regions and is one of the largest exchanges by daily SPOT trading volume, plans to invest the new funds in expanding its portfolio of wallets. cryptographic, GameFi, DeFi and NFT platforms and DAO. , said Lyu. “That’s how everyone is integrated into the ecosystem, and the value of the ecosystem in turn depends on the size and loyalty of those participants,” he said.

“This concept is basically why we raised this round, web3 is about openness, and we want to build KuCoin in an open ecosystem and an open system must bring many friends on board. The world of crypto is so new that we want to make sure that we can leverage all sources of information to guide our decision-making, and these leading investors can keep us up to date with the latest trends,” a- he declared.

The company, which competes with Binance, Coinbase, FTX and among others, has been exploring opportunities in the web3 ecosystem for some time. Late last year, it launched its investment arm, KuCoin Ventures, through which it makes strategic and financial investments.

Lyu said the venture capital arm’s assets under management had already soared to “a few hundred million US dollars”.

KuCoin has grown in popularity – as well as notoriety – for the list of tokens with a small to medium market cap. One of the popular ways that some savvy traders made good profits earlier was to make large bets on the new KuCoin was about to list, and sell them as soon as their trading went live on the central stock exchange.

(Theoretically, especially during a bull cycle, retail investors also have a chance to make good profits on these tokens. Because their market caps are too small compared to those listed on Coinbase and Binance, growth on paper is more high.)

Lyu said providing users with high-quality potential projects is “one of our core strategies at KuCoin and one of the reasons we are known as the ‘People’s Exchange’.”

“As you can see, KuCoin, as a house of hidden gems, not only keeps track of hot industry sectors in real time, but also thoroughly researches potential projects in various sectors, even if it is of a small or medium-cap token at some stage,” he said. “For example, we have listed many new projects as a world premiere, whether through the normal listing or KuCoin Spotlight, KuCoin BurningDrop, in which many projects have been found to be of very high quality and potential after a period of development. The premise to guarantee its enormous potential and quality is that we have professional, complete and strict related processes.

The company said it has seen an increase in demand for centralized services over the years, but is committed to meeting the needs of users who also want some decentralized services.

“We noticed that some users would prefer to use DEX because it can be directly integrated into the larger native crypto ecosystem. In fact, we are exploring and developing decentralized products like NFT Marketplace – Windvane. Moreover, KCC, jointly built by KuCoin community members and KCS fans, will also be an important aspect for KuCoin to build a decentralized ecosystem, with DEX and other protocols such as loans and stablecoins coming together. press on it. We also have a P2P service for users who want to convert fiat currencies into digital assets with the lowest fees and a high level of security,” he said.

The exchange is also working to step up its efforts to support global regulatory requirements and is investing to improve its security and risk management systems, he said.

“KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we are proud to lead this round,” said Tak Fujishima, Head of Asia at Jump Crypto. , in a press release. “We are excited to support the company as it continues to grow and expand its futures and margin, lending, staking and passive yield generation offerings to support the growth of Web 3.0 and crypto markets.”

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Crypto Exchange KuCoin Raises Funding To $10 Billion – TechCrunch

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