KuCoin Exchange reaches $10 billion valuation following funding round
Global cryptocurrency exchange KuCoin raised $150 million in a pre-series funding round to expand its web3 ecosystem
By Shashank Bhardwaj
Image: Shutterstock
Global cryptocurrency exchange KuCoin’s valuation reached $10 billion following a Series-B funding round led by Jump Crypto. The exchange raised $150 million in the first funding rounds in four years.
Seychelles-based exchange KuCoin seeks to push forth its initiatives for expanding its web3 ecosystem. “This concept is essentially why we raised this round, web3 is about openness, and we want to build KuCoin into an open ecosystem, and an open system needs to bring many friends on board. 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,” said KuCoin chief executive Johnny Lyu.
The funding round had IDG Capital, Circle Ventures, and Matrix Partners as other participating investors. The platform was valued at $100 million following its Series A funding round, where the exchange was able to raise $20 million in November 2018. The platform, which is now four years old, is valued at $10 billion post its Series B funding round.
KuCoin plans to expand its portfolio of GameFi, DeFi, crypto wallets, NFT platforms, and DAOs using the freshly acquired funds. Lyu said, “ This is how everyone is brought into the ecosystem, and the value of the ecosystem, in turn, depends on the size and loyalty of these participants.”
With this funding, KuCoin aims to expand its operations beyond its centralised exchange into decentralised use cases, especially in the web3 space. The exchange is also building its own blockchain KCC. Lyu 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.”
KuCoin, one of the largest exchanges by spot trading volume, has over 18 million users in 200 countries. It has secured its spot as one of the top cryptocurrency exchanges among competitors like Binance, FTX, Coinbase, and Crypto.com. The exchange has been exploring opportunities in the web3 space lately. Last year, KuCoin exchange launched its investment arm through which it makes its strategic and financial investments, KuCoin Ventures. The investment arm’s asset under management has already crossed several hundred million US dollars, as per Lyu.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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