KuCoin bags $150M at $10B to Focus on Web3, NFT and DeFi

KuCoin has announced the raising of $150 million for pre-Series B funding. The round was led by Jump Crypto. This event saw participation from Matrix Partners, IDG Capital and Circle Ventures.

Following the financing round, the exchange’s valuation soared to 10 billion dollars.

Beyond centralized trading

According to the press release, the Seychelles-based company stated that it will be focusing on expanding its reach beyond central trading. It plans to increase its presence in new areas like Web 3, Crypto wallets, GameFi, DeFi and NFT platforms with the support from its investment arms KuCoin Ventures.

As such, KuCoin plans to leverage the public chain built by the community members – KCC – as an infrastructure to deploy resources on top of it to create a decentralized ecosystem.

The new influx of capital will also be poured into building the exchange’s core trading system to improve performance, support the global regulation efforts, and ramp up security and risk management systems.

The platform’s current value is $10 billion. This is a huge increase over its initial round of $20 million in Series A funding in November 2018. Johnny Lyu, KuCoin CEO stated that the company is valued at $10 billion.

“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 Web 3 Bid

The latest news comes less than a month after KuCoin’s VC arm – KuCoin Ventures, as well as its NFT marketplace – Windvane, announced establishing an NFT-focussed $100 million fund.

Dubbed “Creators Fund,” the main objective is to support and incubate early-stage NFT projects, including art, sports, GameFi, and celebrities. The supported blockchains for this initiative – ETH, BSC, and FLOW – will enable users to choose and buy all digital collectibles on KuCoin cross-chain aggregators.

Last year, the company launched a $100million fund to help teams develop metaverse projects. The firm intends to use its user traffic for INO (Initial Non-Ferrous Offering) projects promotion, as previously reported.

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