The cash will be used to expand KuCoin’s product offering, which includes crypto wallets, DeFi, and NFT platforms.
KuCoin, a cryptocurrency exchange, disclosed to CoinDesk on Tuesday that it has received a $150 million pre-Series B investment valued at $10 billion.
Many investment companies, including Circle Ventures, IDG Capital, and Matrix Partners, participated in the round, which was headed by Jump Crypto.
Jump Crypto’s Head of Asia Tak Fujishima said in a statement, “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,”
Through its investment arms, KuCoin Labs and KuCoin Ventures, KuCoin plans to expand its product offering beyond its current centralized trading services, as well as increase its presence in the broader Web 3 market, by developing crypto wallets, decentralized finance (DeFi), and non-fungible token (NFT) platforms.
In a Telegram message to CoinDesk, CEO Johnny Lyu stated, “As the Web 3 company expands fast, we are observing a large need for new ideas and abilities.” “KuCoin is glad to provide financial, technical, and human resources to help accelerate the development and deployment of Web 3.0 technologies.”
Some of the money will go toward building infrastructure and applications for the KuCoin community’s public chain, KCC.
KuCoin is the fifth largest cryptocurrency exchange by trading volume, according to CoinMarketCap data. In November of 2018, KuCoin secured a $20 million round A investment.