Crypto exchange KuCoin announced on Tuesday that it had raised $150 million in a funding round led by Jump Crypto, the investment arm of U.S. proprietary trading firm Jump Trading.
Other investors who participated in the round include Circle Ventures, the venture capital vehicle of stablecoin issuer Circle, as well as investment firms IDG Capital and Matrix Partners. The fresh capital values KuCoin at $10 billion, the company said.
KuCoin said it will use the funds to expand beyond centralized trading services and grow its presence in Web3, the next generation of the internet that runs on blockchains. The Seychelles-based company will boost its investment portfolio of crypto wallets, play-to-earn games, decentralized finance and NFT platforms. The capital will also be used to enhance KuCoin’s ethereum-based public blockchain.
“The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto,” cofounder and CEO Johnny Lyu said in a statement. “KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into crypto space.”
KuCoin’s latest funding round comes as the crypto market continues to plunge into a bear market this week amid a widespread selloff in stocks and other assets. Bitcoin, the world’s largest cryptocurrency, on Tuesday saw its price drop to a low since July last year, according to tracker Coingecko. The digital coin stood at roughly $31,000, down more than 50% from its peak price of $68,000 last November.
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