Leading crypto exchange platform KuCoin, confirmed today that its capital was boosted by $150 million in a pre-Series B financing round as it attains a $10 billion valuation after four years.
The financing session which had Jump Crypto as the lead investor also enjoyed participation from various venture firms like IDG Capital, Circle Ventures as well as Matrix Partners.
The latest funds will further strengthen KuCoin’s position in the Web3 ecosystem as it looks to extend into crypto wallets, Decentralized Finance (DeFi), play-to-earn games as well Non-Fungible tokens (NFT) products through its sister venture arms, KuCoin Ventures, and KuCoin Labs.
A portion of the funds will also be channeled into the improvement of the framework for KuCoin’s Ethereum-focused public blockchain, improve its performance, and also reinforce its safety and threat management networks.
According to KuCoin’s CEO, Mr. Johnny Lyu, the exchange is happy to give its quota financially, technology-wise as well as human resources to the advancement of the web3 ecosystem as there is demand for innovative solutions in the emerging technology space.
As part of its advancement plans into the web3 ecosystem, KuCoin had in April raised a $100 million fund dedicated to new creators in the emerging web3 era.
The $100 million funds dubbed KuCoin creators fund was earmarked to onboard developers in the emerging NFT world in categories like arts, sports, celebrities, profile pictures, Asian culture, and GameFi.
KuCoin, founded in 2017 started as a crypto exchange firm offering services like margins, spots, futures, and peer-to-peer trading but has since branched into staking, lending, and NFT trading while also focusing on crypto and blockchain projects via its venture arm. It has over 18 million users across 207 countries with support for more than 700 digital assets.
It is one of the top five exchange platforms as regards trading volume as per data from CoinMarketCap.
KuCoin is not alone in the web3 business as famed decentralized finance exchange protocol Uniswap Labs has also announced a new offshoot focused on funding web3 related projects while Israeli trading company eToro launched a dedicated fund to sponsor upcoming creators and also acquire blue-chip NFTs.