Kucoin Raises $20 Million in Series A Funding

Kucoin Exchange Raises $20 Million in Series A Funding Round

Singapore-based cryptocurrency exchange Kucoin has announced that it has increased a combined total of $20 million in series A funding. Getting Involved in this Kucoin founding round were IDG Capital, Matrix Partners and Neo Global Capital.

Opened for cryptocurrency trading in September 2017, Kucoin reports it now has over five million registered users, coming from over 100 nations. It is the 52nd hottest place in the entire world by trading volume, together with close to $600 million of cryptocurrency traded a month. Full particulars of the Series A deal haven’t been released yet, so it is impossible to calculate what valuation it was based on.

“This is really a dynamic and significant partnership,” commented that the exchange’s CEO Michael Gan. “The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital can help Kucoin grow substantially, expand adoption and understanding of cryptocurrency for millions of potential users, and assist these users more efficiently find the best products available in the crypto-world regardless of where in the world they may exist”

The funds is earmarked for helping the exchange using lots of improvements. Firstly, Kucoin Platform 2.0 is expected to go live in Q1 2019 and permit the exchange to scale and add new features such as stop orders, updated APIs along with a dust collector. The company will also hire more customer service staff to provide’concierge-level’ service to traders. And a large portion of the newly secured funds will help enlarge the Kucoin research team.

Kucoin, that entered Australia two weeks ago, will also leverage the new capital for a global growth with targeted advertising and advertising efforts. The company stated that in the coming months it will enlarge in various markets, with Vietnam, Turkey, Italy, Russia and most low-income nations as the main focus for growth in Q4 of 2018. It estimates a total of 10 global markets will be up and running from Q2, 2019.

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