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With A New $150 MLN Fundraising, KuCoin Will Sell DeFi Goods In 2022
2022-05-11 | Selina Mathew
KuCoin, a worldwide cryptocurrency exchange, is preparing to deploy decentralized wallet goods later in Q2 2022, as well as its NFT marketplace Windwave.
With additional backing from organizations like Circle Ventures, the global cryptocurrency exchange KuCoin hopes to go beyond centralized trading services and focus on Web3.
On May 10, the KuCoin cryptocurrency exchange announced a $150 million pre-Series B investment round, valuing the firm at $10 billion.
According to KuCoin CEO Johnny Lyu, the current fundraising round primarily intends to improve the exchange's collaboration with big industry players as well as boost crypto's widespread acceptance.
Jump Crypto, the cryptocurrency branch of renowned quantitative trading firm Jump Trading Group, is leading the latest KuCoin fundraising. The USD Coin (USDC) stablecoin's crypto investment subsidiary, Circle Ventures, is one of the new investors in the round.
IDG Capital, a significant investment business, and Matrix Partners, a private equity investment firm, were among the investors in KuCoin's $20 million Series A fundraising round in November 2018.
KuCoin intends to establish and invest in crypto wallets, services connected to decentralized finance (DeFi), GameFi, and nonfungible token (NFT) platforms as part of its aim to focus on decentralized trading services and presence in Web3.
The company intends to invest in its subsidiaries KuCoin Labs and KuCoin Ventures, as well as the KCC public community chain.
"Decentralization is an irreversible trend, but we believe it will coexist with centralization in the future." KuCoin aspires to better serve the demands of all types of investors, according to Lyu. He also mentioned that the company hopes to deploy decentralized wallet products later in Q2 2022, as well as its NFT marketplace Windwave.
