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According to the latest announcement, a Singapore based cryptocurrency exchange, KuCoin has has pulled in $20 million. Hot on the heels, the big players contributing to the platforms were, IDG Captial, Matrix Partners, and NEO Global Capital. The key purpose of pulling such a huge fund is to expand the reach of KuCoin and its adoption globally.
Nevertheless, crypto funding often comes through the sale of tokens but not in the case of KuCoin. It has confirmed that the new funding comes in equity and not a sale of tokens.
Michael Gan, CEO of KuCoin embraces the deal and notes “it will open new doors” for the firm.
Key Highlights of KuCoin Funding Process and Purpose
- Reinvigorate KuCoin’s services
- The fund will utilize to launch Platform 2.0 (probably in Q1, 2019)
- It proposes to upgrade its platform by making it more than a single exchange. However, it aims at boosting
- KuCoin as the “most secure, dynamic and malleable trading”.
- KuCoin intends to expand to major countries namely, Vietnam, Italy, Turkey, Russia before the end of 2018.
- Likewise, KuCoin endeavors to drive up to 10 markets within the next six months
- With the new funding, exchange wants to be a global brand for blockchain technology.
- To expand its reach, the firm claims to offer its services in multiple languages
- It’s still uncertain that whether or not the firm will adhere to regulatory measures in NewYork but to expand itsservice in Europe, it is working closely with European regulators.
Established in September 2017, KuCoin has first started its exchange raising y raising 5500 Bitcoin through an ICO which was eventually worth around $27.5 million. At present, the exchange is 49th largest exchange with $25 million daily trading volume. To mark its funding from VCs, Michael Gan assure to fulfill their vision, stating that;
“I believe one day everything will function with blockchain technology. And with our newly formed partnerships, we will build on today’s momentum and fulfill this vision.”