Crypto Exchange Kucoin Raises $20 Million in Series A Funding
Cryptocurrency exchange Kucoin has announced it has closed $20 million in series A funding from leading investors including IDG Capital (a leading investment firm notable for their portfolio of top cryptocurrency companies including Coinbase, Circle and ImToken), Matrix Partners and Neo Global Capital.
Today, we are thrilled to announce that we have closed our Series A Round of Funding, raising $20 million (USD) from IDG Capital, Matrix Partners and Neo Global Capital to bring cryptocurrency to the masses. pic.twitter.com/cofB3QkJPc
— KuCoin Updates (@KuCoinUpdates) November 14, 2018
“This is truly a dynamic and significant partnership,” commented the exchange’s CEO Michael Gan. “The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help Kucoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.”
Opened for cryptocurrency trading in Aug. 2017, Kucoin, headquartered in Singapore, has offices in China, Thailand, Philippine and Bulgaria. The exchange, supporting around 400 trading pairs, reports it now has more than five million registered users coming from 100 countries.
According to coinmarketcap, Kucoin is currently the 51st most popular crypto exchange in the world by trading volume, with close to $600 million worth cryptocurrencies traded in the past 30 days.
Touted as “People’s exchange”, Kucoin was created by a group of Chinese crypto fans who are veteran technical experts coming from top-notch fintech companies like Ant Financial (formerly known as Alipay, the highest valued fintech company in the world), GF Securities (one of the earliest securities companies in the country), etc., aiming to provide users with more secure and convenient transaction services.
The exchange said the raised fund would be mainly used for developing Kucoin platform 2.0, which is expected to go live in Q1 2019, and promoting its global expansion, as well as expanding its operation team and cultivating blockchain-related talents.
Kucoin has extended to reach the Australia market two months ago. The company said they have eyed more markets including Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries in the coming months. With many Chinese crypto exchanges represented by Binance target the blue ocean market Africa, Kucoin seems to take a different tact. Where should these crypto exchanges expand to next? Leave your comment below.