Crypto exchange KuCoin raises funds at $10 billion valuation – TechCrunch

KuCoin’s valuation has risen to $ 10 billion in its first round of funding in four years as global cryptocurrency exchange seeks to make a deeper push to expand its web ecosystem3, it said on Tuesday.

The Seychelles-based company said it had raised $ 150 million in a pre-Series B round of funding led by Jump Crypto. Circle Ventures, IDG Capital and Matrix Partners also participated in the new round, KuCoin said.

The four-year-old platform is valued at $ 10 billion in the new round, up from $ 100 million after its $ 20 million Series A in November 2018, KuCoin CEO Johnny Lyu told TechCrunch.

KuCoin, which has amassed more than 18 million users in 200 countries and regions and is one of the largest daily SPOT trading volume exchanges, plans to invest new funds to expand its portfolio of cryptocurrencies, GameFi, DeFi and NFT and DAO platforms. . , said Lyu. “This is how everyone gets into the ecosystem, and the value of the ecosystem in turn depends on the size and loyalty of these participants,” he said.

“This concept is essentially why we are planning this round, web3 is about openness and we want to turn KuCoin into an open ecosystem and an open system has to bring a lot of friends on board. The world of cryptography is so new that we want to make sure we can we take advantage of all sources of information to guide our decision-making, and these prominent investors can keep us up to date on the latest trends, ”he said.

The company, which competes with Binance, Coinbase, FTX and among others, has spent time exploring opportunities in the web ecosystem3. Late last year, it launched its investment arm, KuCoin Ventures, through which it makes strategic and financial investments.

Lyu said the risky company’s assets under management have already risen to “a few hundred million dollars.”

KuCoin has gained some popularity, as well as notoriety, for listing tokens with small to medium-sized market capitalization. One of the popular ways in which some experienced traders have made good profits before is betting heavily on the new KuCoin that was about to be listed and sold as soon as its trading started trading on the central stock exchange.

(Theoretically, especially during a bull run, retail investors also have the opportunity to make good profits with such tokens. Because their market limits are too low, compared to those listed on Coinbase and Binance, the growth in paper is larger.)

Lyu said that offering users high-quality potential projects is “one of our main strategies in KuCoin and one of the reasons we are known as the ‘People’s Exchange'”.

“As you can see, KuCoin, as the home of hidden gems, not only tracks the hot sectors of the industry in real time, but also researches in depth potential projects across various sectors along the way, even if it’s a small or “Cover sector at a given time,” he said. “For example, we list many new projects in world premiere mode, regardless of the normal list or KuCoin Spotlight, KuCoin BurningDrop, in which many projects turned out to be of very high quality and potential after a period of development. The premise of ensuring its enormous potential and quality is that we have professional, complete and strict related processes ”.

The firm said it has experienced an increase in demand for centralized services over the years, but is committed to serving users who also want to use some decentralized services.

“We note that some users would prefer to use DEX because it can be integrated directly with the wider native cryptographic ecosystem. In fact, we are exploring and developing decentralized products such as the NFT: Windvane market. KCS fans, it will also be an important aspect for KuCoin to build a decentralized ecosystem, with DEX and other protocols like loans and stablecoins being built on it.We also have a P2P service for users who want to convert fiat currencies into digital assets with rates lower and a higher level of security, ”he said.

The stock exchange is also working to intensify its efforts to support global regulatory requirements and is investing in improving its security and risk management systems, he said.

“KuCoin offers a complete cryptographic services platform for a global audience, which is one of the many reasons we are proud to lead this round,” Tak Fujishima, Asia’s chief of Jump Crypto, said in a statement. “We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, betting and passive income generation to support the growth of Web 3.0 and the crypto markets.”

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