See related article: KuCoin launches $100 mln fund for NFT projects
- Circle Ventures, the investment arm of USDC stablecoin issuer Circle, also participated in the funding round, along with IDG Capital and Matrix Partners.
- KuCoin said it will use the new funding to focus on Web 3.0 offerings, including decentralized finance (DeFi), GameFi, crypto wallets, and non-fungible token (NFT) platforms through KuCoin Labs and KuCoin Ventures.
- The exchange will also use the funds from the series B round to build a better trading system, enhance security and risk management, as well as support its compliance efforts, KuCoin said.
- KuCoin is the fifth-largest spot crypto trading platform, according to CoinMarketCap, and claims to serve over 18 million users in more than 200 countries.
- “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.
- KuCoin had raised US$20 million in a Series A round in November 2018.
See related article: KuCoin exchange in Ontario regulator’s sights after law breaches