Crypto exchange KuCoin has raised a $150 million pre-Series B round at a valuation of $10 billion.
The round, which was led by Jump Crypto, also saw participation of multiple investment funds, including Circle Ventures, IDG Capital, and Matrix Partners.
“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,” said Tak Fujishima, Head of Asia at Jump Crypto, in a statement.
KuCoin would use the funds to expand its product offering, going beyond the current centralized trading services and increasing its presence in the broader Web 3 market, such as building out crypto wallets, and decentralized finance (DeFi) and non-fungible token (NFT) platforms through its investment arms like KuCoin Labs and KuCoin Ventures.
“As the Web 3 industry is growing quickly, we are seeing a massive need for new solutions and talents,”. “KuCoin is glad to contribute financial, technological and human resources to accelerate the research and adoption of Web 3.0 technologies.”
Some of the funds would also go towards the development of infrastructure and applications on KCC, the public chain built by KuCoin's community members.
As per CoinMarketCap data, KuCoin is the fifth largest crypto exchange on the market by trading volume. In November of 2018, KuCoin secured $20 million in Round A funding.
