KuCoin, a crypto exchange, has raised $150 million in pre-Series A funding at a value of $10 billion. The company confirmed this to CoinDesk Tuesday.
Jump Crypto was the leader of the round. Other investment funds included IDG Capital, Matrix Partners and Circle Ventures.
“We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking, and passive yield generation to support the growth of Web 3.0 and the crypto markets,” said Tak Fujishima, Head of Asia at Jump Crypto, in a statement.
“As the Web 3 industry is growing quickly, we are seeing a massive need for new solutions and talents,” CEO Johnny Lyu told CoinDesk in a Telegram message. “KuCoin is glad to contribute financial, technological and human resources to accelerate the research and adoption of Web 3.0 technologies.”
A portion of the funds will also be used for infrastructure and applications on KCC. This public chain was created by KuCoin’s members.
According to CoinMarketCap data KuCoin is fifth most popular crypto exchange by trading volume. KuCoin received $20 million in Round-A funding in November 2018.