- KuCoin has raised $150 million in a pre-series B financing round at a $10 billion evaluation
- The financing round was led by Jump Crypto with extra involvement by Circle Ventures, IDG Capital, and Matrix Partners
- KuCoin strategies to broaden beyond trading and into Web 3.0, consisting of crypto-wallets, GameFi, Defi, and NFTs
The cryptocurrency trading platform of KuCoin has revealed that it has raised $150 million in a pre-series B financing round at a $10 billion evaluation. Dive Crypto led the financing round with extra involvement from Circle Ventures, IDG Capital, and Matrix Partners.
KuCoin Plans to Venture into Web 3.0
According to the group at KuCoin, the increase of capital will be used by the exchange to ‘surpass central trading services and broaden its existence in Web 3.0, consisting of crypto wallets, GameFi, Defi, and NFT platforms.’
The growth will be accomplished through its financial investment arms of KuCoin Labs and KuCoin Ventures. The KuCoin Chain (KCC) developed by its neighborhood will likewise play a considerable function as part of the facilities for releasing a decentralized environment.
KuCoin likewise means to utilize the funds raised in the Pre-series round to attain the following:
- Creation and structure of the next generation KuCoin core trading system concentrating on ‘tenfold efficiency enhancement’
- Supporting KuCoin’s international efforts on the guideline to much better serve 18 million users in over 200 nations and areas
- Enhancing security and threat management systems to make KuCoin more protected and available. This objective is especially essential as KuCoin was a victim of a hacking occurrence back in 2020.
Tak Fujishima, Head of Asia, Jump Crypto, repeated KuCoin’s vision through the following declaration:
KuCoin offers a thorough platform of crypto services to a worldwide audience, which is among the numerous factors we’re happy to lead this round.
We are happy to support the business as it continues to grow and broaden its offerings in futures and margin trading, financing, staking, and passive yield generation to support the development of Web 3.0 and the crypto markets.