Seychelles Crypto Platform KuCoin Reportedly worths $10 Billion

KuCoin, a Seychelles-based platform, claims to have raised $150 million from investors for another stage of growth and extension.

This follows Mara’s $23 million investment to expand its bitcoin transaction services across Africa.

According to the company’s press statement, the deal now values the company at more than $10 billion. For reference, this amount is almost equal to all of CEMAC and WAEMU’s cumulative foreign exchange reserves by the end of 2021.

The company’s purpose is to allow the free flow of digital value around the world. KuCoin believes technological advancements will revolutionize the way people create value and share it.

Kucoin makes the blockchain revolution easier by using cutting-edge technologies.

KuCoin is creating a community where everyone can benefit from growth and have his or her voice heard in exchange for, by, or about the people.

According to the company’s announcement, the new capital would help KuCoin to expand its position in Web 3.0, including bitcoin wallets and other decentralized finance solutions, through investment branches such as KuCoin Labs and KuCoin Ventures.

This is the second major announcement made by a cryptocurrency company in Africa in less than ten working days.

Mara, an African platform for cryptocurrency exchange, has announced that it has received a $23million investment.

The leaders say that a part of the funds will go to Central African governments to assist them in adopting bitcoin and expanding their services.

KuCoin, despite being based out of Africa, has a wider international reach than most. It has slightly more that 189 million users across 200 countries. Additionally to traditional cryptocurrency trading, KuCoin offers bitcoin loan services.

The company’s goal is far more ambitious. In November, it launched a close to $100 million venture capital fund through its subsidiary to promote innovation in the sector.

This is despite tighter regulations for the sector.

The CEMAC zone central bank has effectively ended any possibility of cryptocurrency being used as a means of exchange.

Uganda’s central bank has also declared bitcoin to be unlawful. The Securities and Exchange Commission (SEC), has tightened regulations for crypto assets and traditional assets backed with cryptos.

Get latest news from African Startup ecosystem

Latest stories

You might also like...