BUSINESS

KuCoin Raises $150M in Pre-Series B Funding at a $10B Valuation

Fast need:

  • KuCoin has raised $150 million in a pre-series B funding round at a $10 billion valuation
  • The funding round used to be led by Bounce Crypto with additional participation by Circle Ventures, IDG Capital, and Matrix Partners
  • KuCoin plans to elongate beyond procuring and selling and into Net 3.0, including crypto-wallets, GameFi, DeFi, and NFTs

The cryptocurrency procuring and selling platform of KuCoin has announced that it has raised $150 million in a pre-series B funding round at a $10 billion valuation. Bounce Crypto led the funding round with additional participation by Circle Ventures, IDG Capital, and Matrix Partners.

KuCoin Plans to Venture into Net 3.0

Per the group at KuCoin, the inflow of capital will most likely be utilized by the alternate to ‘scuttle beyond centralized procuring and selling products and companies and lengthen its presence in Net 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms.’

The expansion will most likely be completed thru its funding palms of KuCoin Labs and KuCoin Ventures. The KuCoin Chain (KCC) constructed by its community could also play a critical position as share of the infrastructure for deploying a decentralized ecosystem.

KuCoin also intends to leverage the funds raised in the Pre-series round to enact the following:

  • Introduction and building of the next generation KuCoin core procuring and selling system focusing on ‘tenfold performance growth’
  • Supporting KuCoin’s global efforts on guidelines to better aid 18 million users in over 200 international locations and areas
  • Enhancing security and possibility management programs to model KuCoin extra stable and accessible. This purpose is critically principal as KuCoin used to be a victim of a hacking incident inspire in 2020.

Tak Fujishima, Head of Asia, Bounce Crypto, additional reiterated KuCoin’s vision thru the following whisper:

KuCoin presents a comprehensive platform of crypto products and companies to a global target market, which is one among the a model of causes we’re proud to lead this round.

We’re happy to make stronger the firm as it continues to grow and lengthen its offerings in futures and margin procuring and selling, lending, staking and passive yield generation to make stronger the expansion of Net 3.0 and the crypto markets.

[Feature image courtesy of KuCoin.com]

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