The world cryptocurrency alternate KuCoin goals to transcend centralized buying and selling providers and deal with Web3 with new funding backed by companies like Circle Ventures.
The KuCoin cryptocurrency alternate formally introduced on May 10 a $150 million pre-Series B funding spherical, bringing the corporate’s valuation to $10 billion.
The newest funding spherical primarily goals to strengthen the alternate’s partnership with main business gamers in addition to promote the mass adoption of crypto, KuCoin CEO Johnny Lyu advised Cointelegraph, noting:
“KuCoin is financially healthy. […] We are still in contact with many VCs, and we are open to have another round in the near future, as long as we can find partners that share the same value and vision with us.”
The newest KuCoin elevate is led by Jump Crypto, the cryptocurrency arm of a significant quantitative buying and selling agency Jump Trading Group. Circle Ventures, the crypto funding division of the USD Coin (USDC) stablecoin, is among the many new buyers within the spherical.
Existing buyers embrace main funding agency IDG Capital and the non-public fairness funding agency Matrix Partners, which participated in KuCoin’s $20 million Series A funding spherical in November 2018.
As a part of KuCoin’s plan to deal with decentralized buying and selling providers and presence in Web3, the corporate plans to construct and put money into crypto wallets, providers associated to decentralized finance (DeFi), GameFi and nonfungible token (NFT) platforms. The agency significantly plans to put money into its arms like KuCoin Labs and KuCoin Ventures, in addition to the general public neighborhood chain generally known as KCC.
Related: ‘DeFi is not decentralized at all,’ says former Blockstream govt
“Decentralization is an unstoppable trend, but we believe centralization and decentralization will co-exist in the future. KuCoin hopes to better cater to the needs of all classes of investors,” Lyu stated. He added that the agency expects to launch decentralized pockets merchandise later in Q2 2022 and likewise plans to rollout its NFT market Windwave within the close to future.