Crypto exchange KuCoin raises $150m pre-Series B
Singapore-based crypto platform KuCoin has raised USD 150m in pre-Series B funding from an investor group featuring IDG Capital and Matrix Partners, claiming a valuation of USD 10bn.
Jump Crypto, a web3 development division of US quantitative trading firm Jump Trading Group, led the round. US crypto services company Circle also participated via its VC unit.
Circle is the issuer of the USD Coin stablecoin and received a USD 400m growth round last month from a group including BlackRock, Fidelity Management and Research, Marshall Wace, and Fin Capital. Stablecoins are pegged to traditional currencies and expected to be instrumental in the mainstreaming of blockchain-based finance.
KuCoin is said to be the fifth-largest crypto exchange with 18m users globally and capacities around crypto-wallet development, non-fungible tokens (NFTs), and gaming-related financial services. The company claims users can register in 30 seconds, learn to use the platform in one minute, and invest as little as USD 1. It can support up to 1m transactions per second.
IDG, Matrix, and Singapore’s Neo Global Capital provided a USD 20m Series A in November 2018, two months after the digital asset exchange was launched. At that time, the user base was 5m.
KuCoin launched its own venture program in April last year with an initial USD 50m fund. A USD 100m fund focused exclusively on metaverse concepts came in November and another vehicle dedicated to NFT projects was set up last month. Investees include Cayman Islands-based digital asset management services company Blofin, which is also backed by Matrix.
The fresh capital will allow KuCoin to expand its activity in web3-related areas such as wallets, gaming, NFTs, and decentralised finance. Work will also be done to shore up exchange services around managing global regulation and platform security. The company said that by rebuilding its core trading system, it could see a ”tenfold performance improvement.”
The web3 and metaverse business development landscape is broadly viewed as a decentralised version of the internet, characterised by 3D environments and the trading of digital assets. Immersive gaming, virtual property rights, branding, community building, and micro-economies based on company tokens are interconnected themes.
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