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Crypto exchange KuCoin announced on Tuesday that it had raised $150 million in a funding round at a $10 billion valuation.
KuCoin raises $150 million
Jump Crypto, the investment arm of Jump Trading, a U.S. proprietary trading firm, led the funding round. The four-year-old platform is now valued at $10 billion, up from $100 million following its $20 million Series A financing in November 2018. Circle Ventures and investment firms IDG Capital and Matrix Partners also participated in the round.
KuCoin stated that it would use the cash to extend beyond centralized trading services and grow its reach. The Seychelles-based firm will expand its investment portfolio, including crypto wallets, play-to-earn games, decentralized finance, and NFT platforms.
The exchange is also working to step up its efforts to support global regulatory requirements and is investing in enhancing its security and risk management systems.
What is KuCoin?
KuCoin, a crypto exchange, was founded in Singapore in 2017. Since then, the company’s platform has grown to incorporate loans, NFT trading, and an investment arm focused on crypto and blockchain initiatives. The crypto exchange claims to have 18 million users in over 200 countries and regions.
“KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re proud to lead this round,” said Tak Fujishima, Head of Asia at Jump Crypto, in a statement.
KuCoin has a reputation for offering cryptocurrencies with low to mid-sized market capitalizations, often not found on other crypto exchanges. It was the victim of one of the largest cryptocurrency heists in history. In 2020, the exchange reported the theft of around $280 million in bitcoin and other crypto tokens.
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