KuCoin a cryptocurrency exchange revealed that it had raised $150 million in a funding round headed by Jump Crypto, the investment arm of Jump Trading, a US-based proprietary trading firm.
Circle Ventures, the venture capital arm of Stablecoin issuer Circle, as well as investment firms IDG Capital and Matrix Partners, were among the other investors in the round. KuCoin is now worth $10 billion, according to the business.
KuCoin plans to use the cash to expand its footprint in Web3, the next generation of the internet based on blockchains, beyond centralized trading platforms. The Seychelles-based firm will expand its crypto wallets, play-to-earn games, decentralized finance, and NFT platforms investment portfolio. The funds will also be used to improve KuCoin’s public blockchain, which is based on Ethereum.
The support of well-known investors such as Jump Crypto and Circle Ventures “confirms our idea that one day everyone will be using cryptocurrency,” said co-founder and CEO Johnny Lyu in a statement. “KuCoin is designed for all types of investors, and we expect that these new investors and partners will help to establish KuCoin as a credible and trustworthy crypto gateway.
KuCoin is a controlled cryptocurrency exchange with roughly 503 traded cryptocurrencies, according to CoinMarketCap. Through Simplex, Banxa, and OTC, the exchange supports fiat currencies such as EUR, CZK, NZD, HUF, CAD, and others. It currently has over eight million users in 207 countries throughout the globe.
KuCoin’s current investment round comes as the crypto market continues to fall into a bear market this week, accompanied by widespread stock and asset selloff
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