KuCoin, a cryptocurrency exchange, said on Tuesday that it has secured $150 million in a pre-Series B fundraising round from investors including Jump Crypto, Circle Ventures, IDG Capital, and Matrix Partners. The current round of investment increases the company’s worth to $10 billion.
The latest earnings round will be used to expand KuCoin’s presence in the Web3 ecosystem. Through its investment arms, KuCoin Labs and KuCoin Ventures, the business intends to investigate crypto wallets, decentralised finance (DeFi), and non-fungible tokens (NFT).
According to a press statement issued on May 10, KuCoin is the fifth-largest cryptocurrency exchange, with Binance, Coinbase, FTX, and Crypto.com as significant competitors moving to Web3.
Johnny Lyu, the CEO of KuCoin, believes that the Web3 space has huge potential for crypto and other companies. The decentralization-focused Web3 will help the company in its move to an open ecosystem.
With plans to launch Windvane, a new decentralised NFT marketplace powered by KuCoin, the crypto exchange has already moved into the decentralised world.
In addition to product launches, the People’s Exchange will provide financial, technical, and human resources to increase research and implementation of Web3 technologies. Furthermore, the proceeds will be used to create infrastructure and apps on the KuCoin Community Chain.
