KuCoin exchange raises $150 million, valuation now at $10 billion 

Cryptocurrency exchange KuCoin announced in a release that they have raised $150 million in a pre-Series B funding round. After this, the valuation of the exchange has reached $10 billion.    

The exchange announced in the statement that the round was led by Jump Crypto and it saw the participation of multiple investment funds, including Circle Ventures, IDG Capital, and Matrix Partners.  

KuCoin further clarified that the new influx of capital will allow the exchange to go beyond centralized trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms through investment arms like KuCoin Labs and KuCoin Ventures.  

Moreover, they also announced that KCC, the public chain built by KuCoin's community members, will also be a significant infrastructure where resources will be deployed to create a decentralized ecosystem.   

Furthermore, the exchange explained that they also plan to leverage the pre-Series B round to build the next generation of KuCoin core trading system, support KuCoin’s global regulation efforts; and enhance their security and risk management systems.   

On the occasion of the funding round, Johnny Lyu, CEO of KuCoin exchange said, "The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into crypto space."     

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

As per data from CoinMarketCap, KuCoin is the fifth largest crypto exchange in the world. Previously, in November of 2018, KuCoin secured $20 million in Round A funding.   

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