Global crypto exchange platform KuCoin announced in a Tuesday press release it secured $150 million as part of a pre-Series B funding round.
The new capital raise was completed at a valuation of $10 billion and was led by Jump Crypto with participation from Circle Ventures, IDG Capital, and Matrix Partners.
Use of capital
KuCoin plans to use its new capital to “build the next generation” of its KuCoin core trading system. Management expects the investment to result in a “tenfold performance improvement.” Other plans include supporting global regulation efforts to serve its 18 million users across 200 countries and regions and enhance security and risk management systems.
Beyond upgrades to its current platform, KuCoin expects to “go beyond” centralized trading services and expand its presence across the Web 3.0, according to the press release. This includes categories like crypto wallets, GameFi, DeFi, and NFT platforms.
Management also plans to invest capital into KCC, the public chain built by KuCoin’s community members.
‘Vote of confidence’
KuCoin CEO Johnny Lyu commented in the press release and said the $150 million capital raise is a “vote of confidence” from prestigious investors. The successful funding “solidifies our vision that one day everyone will be with crypto.” The CEO added:
“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.”
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.”