KuCoin hits decacorn status following $150m funding
The crypto exchange serves 18 million users and is the fifth largest in the market
Global crypto exchange KuCoin has closed a $150m pre-Series B funding round that has pushed the firm’s valuation up to $10bn, taking the company to decacorn status.
The funding round was led by Jump Crypto, with participation from firms including Circle Ventures, IDG Capital and Matrix Partners, among others.
KuCoin said the investment will help the firm to “go beyond centralised trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi [decentralised finance] and NFT [non-fungible token] platforms,” through investments made via KuCoin Labs and KuCoin Ventures.
Launched in 2017 in Singapore, KuCoin has 18 million users in 207 countries and, according to CoinMarketCap, is the fifth largest crypto exchange in the market by trading volume.
Since its launch, the company has expanded its services to include lending and NFT trading, as well as setting up a venture capital division that focuses on crypto and blockchain start-ups. It previously secured $20m in a Series A round back in November 2018.
The fresh capital comes at a time when the crypto markets are facing a slowdown in prices. The price of bitcoin, the largest cryptocurrency by trading volume, briefly dropped below the $30,000 mark on Tuesday morning before recovering to around $31,180. Bitcoin’s price movements have mirrored a negative downward trend for other leading crypto currencies, such as ether and LUNA.
Johnny Lyu, CEO of KuCoin, said: “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.”
Tak Fujishima, head of Asia at Jump Crypto, said: “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.”