Global cryptocurrency exchange KuCoin has clocked a valuation of $10 billion in its latest funding round, the company announced in a statement on Tuesday.
The Seychelles-based firm has raised $150 million to invest further in the Web3 space. The exchange noted, “The new influx of capital will allow KuCoin to go beyond centralized trading services and expand its presence in Web 3.0, including crypto wallets, GameFi, DeFi, and NFT platforms through investment arms like KuCoin Labs and KuCoin Ventures.”
The company also plans to allocate significant resources for the development of KCC, the public chain built by KuCoin’s community members.
The pre-Series B funding was reportedly led by Jump Crypto. Circle Ventures, IDG Capital and Matrix Partners.
Johnny Lyu, CEO of KuCoin, states: “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.”
Back in 2018, IDG Capital and Matrix Partners had invested $20 million in Series A funding, at a valuation of $100 million, TechCrunch had earlier reported.
Now, KuCoin is set to focus on improving the platform’s trading system, better incorporating global regulations while enhancing security and risk management systems.
Be[In]Crypto had previously reported that VCs are paying attention to industry trends before diving into a new venture. In addition, their focus lies on the internal and external community that has back the project along with some other factors like environment and sustainability.
And despite a crypto market mayhem, cashflows in digital asset investment products have remained positive at $40 million as of last week.
Talos turns into a crypto unicorn with the latest funding
Citigroup, BNY Mellon, and Wells Fargo have also backed US-based crypto trading technology developer, Talos, in a $105 million Series B financing.
In a separate development on Tuesday, Talos was valued at $1.25 billion in the round led by General Atlantic, with backers like Fidelity Investments, Andreessen Horowitz, and PayPal Ventures.
So far in the year, VC investments in crypto projects globally are estimated to be around $10 billion.
Recently, Andreessen Horowitz (a16z) also launched another round of investment in India, one year after co-leading a $260 million investment in crypto exchange CoinSwitch Kuber.
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