Cryptocurrency trading platform KuCoin completed a round of financing totaling $150 million on Tuesday, giving the firm a valuation of $10 billion. The new investment was led by Jump Crypto, with additional participation from Circle Ventures, IDG Capital, and Matrix Partners.
The new capital will encourage KuCoin to expand its influence in the field of Web 3.0. This includes crypto wallets, GameFi, DeFi and NFT platforms through investment arms like KuCoin Labs and KuCoin Ventures. The public chain KCC, jointly built by its community members, will also serve as important infrastructure through which resources will be deployed to create a decentralized ecosystem.
Founded in September 2017, KuCoin is a digital currency exchange that provides one-stop services for digital currency transactions conducted by 10 million users in 207 countries and regions around the world.
The company has developed a decentralized ERC 20 standard token KCS based on Ethereum. Users can use the tokens to trade and exchange blockchain assets on the platform.
In November 2018, KuCoin received a round A of financing worth $20 million from IDG Capital and Matrix Partners.