Crypto Exchange KuCoin secured $150 Million funding at $10 Billion Valuation

KuCoin, a Victoria-based global crypto exchange, has recently secured $150 million in a Pre-Series B funding round.

KuCoin was founded by Johnny Lyu. It is a cryptocurrency exchange for around 700 digital assets. It, as of now, offers margin trading, spot trading, Staking, Futures Trading, and P2P fiat trading and lending to its 18 million users in 200+ regions and countries.

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, Jump Crypto, said, "KuCoin provides a comprehensive platform of crypto services to a global audience, which is one of the many reasons we’re proud to lead this round. 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."

The round was backed by Circle Ventures, Jump Crypto, Matrix Partners, and IDG Capital.

The company, as of now, has plans to use the new funds to expand beyond centralized trading services and grow its presence in Web 3.0, which includes NFT, DeFi, GameFi, and wallets via investment arms like KuCoin Ventures and KuCoin labs.

The new funds will also be used to support the KuCoin global regulation efforts and enhance security and risk management systems to make the platform more accessible and secure.