Forex in this article
• KuCoin has 18 million users in over 200 countries and regions
• Pre-Series B funding brings the company $150 million
• Capital is used, among other things, to expand the product range
Crypto exchange KuCoin
Crypto exchange KuCoin was founded in 2017 and has since grown into the fifth largest crypto exchange in the market, listing over 700 digital assets. Just one year after it was founded, the company was able to raise a total of 20 million US dollars in a Series A financing round. Currently, the company provides various features, such as spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending, to its 18 million users in 207 countries and regions around the world.
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Ten billion US dollar valuation
The company has now raised $150 million in pre-Series B funding led by Jump Crypto. Circle Ventures, IDG Capital and Matrix Partners also participated in the financing round. In a press release on the financing round, the company also stated that it was valued at $10 billion. “KuCoin provides a comprehensive crypto services platform for 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. For his part, KuCoin CEO Johnny Lyu states that the vote of confidence from such prominent investors would reinforce the company’s vision. This is that one day everyone will trade in crypto.
The company uses the collected capital for this purpose
On the one hand, KuCoin plans to use the newly received capital to build the next generation of the KuCoin core trading system, which should lead to a ten-fold improvement in performance. It is also intended to support KuCoin’s global regulatory efforts to better serve 18 million users in over 200 countries and regions. There are also plans to improve security and risk management systems to make the platform more secure and accessible for all users. “We are excited to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive revenue generation to fuel the growth of Web 3.0 and crypto markets,” Fujishima added the company’s plans.
E. Schmal / Editor finanzen.net
Image sources: Wit Olszewski / Shutterstock.com, KuCoin