Cryptocurrency exchange KuCoin has just closed its first fundraising in 4 years for a total of $150 million. Now the exchange’s valuation is estimated at $10 billion.
KuCoin raises $150 million in funding
Cryptocurrency exchange KuCoin has announced a $150 million pre-series B funding round:
KuCoin announced a $150 million pre-Series B funding round, bringing its valuation to $10 billion.
The round, led by @jump_, saw the participation of multiple investment funds, including @circlepay, @IDGCapital & @MatrixPartners
– KUCOIN (@kucoincom) May 10, 2022
The deal includes names like Circle Ventures, whose parent company is the issuer of stablecoin USDC. The round was led by Jump Crypto and also involves investment funds Matrix Partners and IDG Capital.
Tak Fujishima, head of Jump Crypto’s Asia division, expressed his company’s enthusiasm for KuCoin and the fundraising:
“KuCoin provides a comprehensive platform of cryptocurrency services to a global audience, which is one of the many reasons we are proud to lead this round. “
Now the centralized exchange is valued at $10 billion.
First time in 4 years
This is the Singaporean exchange’s first fundraising in nearly 4 years, with the last one coming in November 2018 and raising $20 million. While the platform was launched in September 2017, it now has a total of 18 million users across 207 countries and regions of the world.
With over 700 assets available for exchange, KuCoin ranks fifth among centralised exchanges according to CoinMarketCap and sixth according to CoinGecko regarding spot trading.
Last month, KuCoin Venture, the company’s investment arm, made news when it unveiled a $100 million funding package for non-fungible token (NFT) creators. Although the company does not enjoy the same popularity as its competitors Binance or FTX, it nevertheless seems determined to contribute to the development of Web 3.0 with a very complete range of services.
