KuCoin Raises $150 Million At Market Cap Of $10 billion, To Expand Its Web3 Presence

KuCoin, a cryptocurrency exchange, revealed that it had raised $150 million in a funding round headed by Jump Crypto, the investment arm of Jump Trading, a US-based proprietary trading firm.

Circle Ventures, the venture capital arm of stablecoin issuer Circle, and investment firms IDG Capital and Matrix Partners were among the other investors in the round. KuCoin is now worth $10 billion, according to the business.

KuCoin plans to use the cash to expand its footprint in Web3

The next generation of the internet based on blockchains, beyond centralized trading platforms. The Seychelles-based firm will expand its crypto wallets, play-to-earn games, decentralized finance, and NFT platforms investment portfolio. The funds will also be used to improve KuCoin’s public blockchain based on Ethereum.

KuCoin’s current investment round comes as the crypto market falls into a bear market this week, accompanied by widespread stock and asset selloffs. According to a recent report, Bitcoin, the world’s largest cryptocurrency, hit a new low on Tuesday. The digital currency was trading at around $31,000, down more than 50% from its peak of $68,000 last November. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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