Crypto exchange KuCoin secured $150 M Pre-Series B funding from multiple investors
KuCoin, a global cryptocurrency exchange, has secured $150 million in pre-series B financing headed by Jump Crypto and including Circle Ventures, IDG Capital, and Matrix Partners. The transaction values the firm at $10 billion.
Michael Gan and Johnny Lyu launched KuCoin in 2017. They founded the company in Singapore, but it is now based in Seychelles. IDG Capital, Matrix Partners, and Neo Global Capital invested $20 million in the company in a Series A fundraising round in 2018.
Spot trading, margin trading, peer-to-peer fiat trading, futures trading, staking, and lending are among the services offered by the firm. According to CoinMarketCap data, it has over 18 million registered users, making it one of the top five crypto exchanges in the world.
The new funds will be used to strengthen KuCoin’s core trading system, boost security, and assist its worldwide regulatory initiatives. Through its investment arms KuCoin Labs and KuCoin Ventures, it also hopes to grow its products in other Web3 industries, such as crypto wallets, GameFi, DeFi, and NFTs.
