NewsletterCrypto Exchange KuCoin Raises $150 Mln To Offer Wallets, NFT Trade
Crypto exchange KuCoin on Tuesday said it has raised $150 million in funds in a pre-Series B financing round with investors including Jump Crypto, Circle Ventures, IDG Capital, and Matrix Partners. The latest funding brings the company’s valuation to $10 billion.
The proceeds from the latest round will be used to increase KuCoin’s push into the Web3 ecosystem. The company aims to explore crypto wallets, decentralized finance (DeFi), and non-fungible tokens (NFT) through its investment arms like KuCoin Labs and KuCoin Ventures.
KuCoin to expand Web3 offerings
KuCoin is the fifth-largest crypto exchange, with Binance, Coinbase, FTX, and Crypto.com as major competitors advancing to Web3, the company said in a press release on May 10.
KuCoin’s chief executive officer Johnny Lyu thinks the Web3 space holds massive opportunities for crypto as well as other companies. The decentralization-focused Web3 will help the company transform into an open ecosystem.
“The world of crypto is so new that we want to make sure we can leverage all sources of information to guide our decision making, and these prominent investors can keep us updated on the latest trends.”
The crypto exchange has already advanced into the decentralized world with plans of launching Windvane, a new decentralized NFT marketplace powered by KuCoin.
Tak Fujishima, Head of Asia at Jump Crypto, said:
“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.”
Besides launching products, the People’s Exchange will support financial, technological, and human resources to increase the research and adoption of Web3 technologies. Furthermore, the company plans to use funds for the development of infrastructure and applications on the KuCoin Community Chain.
KuCoin Expands Broadly in Crypto Verse
KuCoin has grown significantly since its launch in 2017. The company had raised $20 million in the Series A funding round in 2018, valued at $100 million. The People’s Exchange has successfully expanded in several crypto fields such as social trading, lending, fiat account, etc. Now, the decentralization push with Web3 technologies will further improve its users. KuCoin currently serves above 18 million users in 207 countries and regions.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Bitcoin Stalls Ahead of FOMC as Analyst Van de Poppe Sees No Break Until Tuesday
- Bitcoin Hyper Presale Review: How Utility is Unlocked With ZK-SVM Rollup
- Morgan Stanley Turns Bullish, Says Fed Will Cut Rates by 25bps This Month
- ETF Expert Nate Geraci Says Bitcoin Still Lacks Proof of Digital Gold Status
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
