Popular cryptocurrency exchange KuCoin has reached a $10 billion valuation after the company raised $150 million in a just-concluded Series B round.
KuCoin Raises $150 Million
The funding round saw participation from leading industry investors including Jump Crypto, Circle Ventures, Matrix Partners, and IDG Capital.
The $150 million capital injection will help the exchange expand its business and improve its infrastructure to build a next-generation trading system for users. Kucoin is looking to expand its offering to major markets in the Middle East, Latin America, Europe, Africa, and South Asia.
The new funding will help KuCoin actualize its dream of going beyond centralized trading services and build a decentralized ecosystem that will showcase a variety of products in the blockchain industry. To achieve this, the company intends to onboard new talent and expertise to occupy various positions including management, market, and technical.
KuCoin CEO: The Best Is yet to Come
Commenting on the latest round, KuCoin’s co-founder and CEO Jonny Lyu noted that the best is yet to come for the exchange.
According to Lyu, the company plans to “create a bigger and more diverse ecosystem by incubating, investing in and acquiring startups with great potential.”
Since its launch in 2017, KuCoin has become one of the largest cryptocurrency exchanges on the market. Headquartered in Singapore, the crypto exchange has seen growth across its products and services, and now houses more than 18 million users in more than 200 countries.
Crypto Firms Secure Funding
Meanwhile, KuCoin is not the only crypto company that has attracted venture capital firms in recent times.
Coinfomania reported earlier this week that blockchain analytics firm Chainalysis raised $170 million in a Series F funding round at an $8.6 billion valuation.
In another report, South Korean firm crypto startup Xangle bagged $17 million from industry investors in its Series B funding round.
In April, leading blockchain company 0x Labs secured $70 million from KB Investment, Shinhan Capital, Premier Partners, IMM, and other existing investors.