Key takeaways:
- Popular digital asset trading platform KuCoin raises $150 million during pre-Series B funding round
- The round saw the exchange’s valuation grow to $10 billion
- KuCoin intends to use the newly acquired capital to play a more prominent role in the development of Web3 products and services
KuCoin raises $150 million to “expand its presence in Web 3.0”
The KuCoin cryptocurrency exchange has announced it raised $150 million at a $10 billion valuation during the recently concluded pre-Series B financing round. The funding round saw participation from a number of prominent venture investment firms, including Circle Ventures, IDG Capital, and Matrix Partners.
According to a blog post published on Tuesday, KuCoin intends to use the newly acquired funds to “expand its presence in Web 3.0,” which involves crypto wallets, blockchain gaming, decentralized finance (DeFi), and non-fungible token (NFT) features. In addition, the exchange aims to enhance the KCC ecosystem and boost the development of new products and services running on the KCC public chain.
The CEO of the Singapore-based exchange, Johnny Lyu, commented on the massive fundraising:
“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.”
The pre-Series B funding round comes almost four years after the exchange secured $20 million in funding during the Series A round.
In related news, KuCoin’s global competitor FTX hit a $32 billion valuation on the heels of its January Series C funding round.
