KuCoin, one of the largest cryptocurrency exchanges in the world, announced a Series B funding round of $150 million on May 10. With this latest funding, the crypto exchange is now valued at a whopping $10 billion.
Deeper into Web 3.0: Wallets, DeFi, NFT & GameFi
With the new capital, KuCoin wants to further expand its services and, in particular, go deeper into Web 3.0. The exchange will invest in crypto wallets, decentralized finance (DeFi), non-fungible token (NFT) platforms and GameFi, among others. The latter is a relatively new combination of blockchain gaming and finance.
The Series B funding round was led by Jump Crypto and saw multiple investment firms participate, including Circle Ventures, IDG Capital and Matrix Partners. Tak Fujishima of Jump Crypto said the following:
KuCoin offers a comprehensive platform of crypto services to a global audience, which is one of the many reasons we are proud to lead this round. We are excited to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive returns to support the growth of Web 3.0 and the crypto markets.
Improving KuCoin’s performance and security
In addition, KuCoin will use part of the new investment to improve the exchange’s trading system. The press release talks about a tenfold performance improvement that will allow the trading platform to better serve its 18 million customers. KuCoin also plans to improve the security of the trading platform. Johnny Lyu, CEO of KuCoin said:
The confidence of prominent investors, including Jump Crypto and Circle Ventures, reinforces our vision that one day everyone will be involved with crypto. KuCoin was built for all classes of investors, and we believe these new investors and partners will help make KuCoin synonymous with a safe and secure gateway to the crypto world.
KuCoin wants KCC, the public blockchain built by KuCoin’s community, to be a central part of this decentralized ecosystem.