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IDG, Matrix back $20m round for Singapore's KuCoin

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IDG Capital, Matrix Partners, and Neo Global Capital have jointly invested $20 million in Singapore-based cryptocurrency services company KuCoin.

The Series A will support the launch of a new crypto trading platform next year as well as global publicity and operational expansions. The company said it intended to leverage key strengths of each investor, including IDG’s marketing expertise and Neo’s background in developing early-stage blockchain projects.

"IDG Capital has been investing in crypto related companies since 2012 and sees the potential in the blockchain industry as a world-changing technology and we want to continue to be at the forefront of this movement to ensure that legitimate projects led by teams with integrity get noticed,” Young Guo, a partner at IDG, said in a statement.

KuCoin launched its digital asset exchange in September last year and claims to have attracted more than five million registered users to date. The company has ambitions to operate in more than 100 countries. To this end, Vietnam, Turkey, Italy, Russia, and all Spanish-speaking countries will be the main focus markets for growth for the rest of the year.

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