Crypto Exchange KuCoin Raises $150M To Launch DeFi Products This Year

KuCoin, a worldwide crypto exchange, targets to move beyond the services dealing with centralized trading and be directed toward Web3 with the latest funding supported by companies including Circle Ventures. On 10th May, the funding round was conducted by KuCoin, taking the valuation of the firm to $10B. The respective funding round chiefly focuses to fortify the collaboration of the exchange with prominent players in the industry along with the promotion of the crypto adoption at a vast level, as stated by Johny Lyu – the CEO of KuCoin.

He mentioned that the platform is financially sound and they are even now cooperating with several VCs with formulating a plan to initiate another round shortly, as there are chances for appropriate collaborators that have similar vision and values as possessed by the venue. The unique raise of KuCoin is driven on the behalf of Jump Crypto, the crypto-based branch of Jump Trading Group (a well-known quantitative trading company). Circle Ventures – the section of USDC (USD Coin) stablecoin for the crypto investment – is included in the unique investors present in the respective round.

Already present investors take into account IDG Capital (a key investment venue) and Matric Partners (a company for individual equity investments) which took part in the funding round of up to $20M that was initiated by KuCoin in 2018’s November. As included in the strategy of KuCoin to the services of decentralized trading as well as Web3, the firm intends to construct crypto wallets and make the investment in them along with the services dealing with NFT (non-fungible token), GameFi, and DeFi (decentralized finance)-based venues.

Particularly, the company inclines to invest in its branches including KuCoin Ventures, KuCoin Labs, and KCC (an open community chain). Lyu is of the view that at the moment, a lot of popularity has been gained by decentralization across the financial market, however, they have a vision of a future in which the co-existence of decentralization and centralization would be witnessed.

In his words, KuCoin is optimistic about having the capability to meet the requirements of consumers from a wide array of backgrounds. He moved on to say that the company is at present contemplating and would expectedly release decentralized wallet-related goods in the second quarter of this year and it has some additional plans for the issuance of Windwave (its marketplace for NFTs) soon.

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