KuCoinone of the biggest cryptocurrency exchanges in the world, announced a Series B financing round of $150 million on May 10. With this latest funding, the crypto exchange is now valued at a whopping $10 billion.
Deeper into Web 3.0: Wallets, DeFi, NFT & GameFi
With the new capital, KuCoin wants to further expand its services and especially go deeper into Web 3.0. The exchange will invest in crypto wallets, among others, decentralized finance (DeFi)† non-fungible token (NFT) platforms and GameFi. The latter is a relatively new combination of blockchain gaming and finance.
The Series B funding round was led by Jump Crypto and saw multiple investment firms participate, including Circle Ventures, IDG Capital and Matrix Partners. Tak Fujishima of Jump Crypto has this to say about this:
“KuCoin offers a comprehensive platform of crypto services to a global audience, which is one of the many reasons we are proud to lead this round. We are excited to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive income to support the growth of Web 3.0 and the crypto markets.”
KuCoin Performance and Security Improvement
In addition, KuCoin will use part of the new investment to improve the exchange’s trading system. The press release talks about a 10-fold performance improvement that will allow the trading platform to better serve its 18 million customers. KuCoin also wants to improve the security of the trading platform.
“The confidence of prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be involved in crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will help make KuCoin synonymous with a secure and reliable gateway to the crypto world.”
Said Johnny Lyu, CEO of KuCoin. KuCoin wants KCCthe public blockchain built by KuCoin’s community, to be a central part of this decentralized ecosystem.
The above article is a submitted piece and is not the responsibility of Crypto Insiders. This is not financial advice.
