KuCoin Reaches Decacorn Status After Raising $150M to Expand Its Presence in Web3

KuCoin has announced a $150 million pre-Series B funding round, bringing its valuation to $10 billion.
Image source: KuCoin

Quick take:

  • The round was led by Jump Crypto.
  • Funds will be used to expand KuCoin’s Web3 presence through KuCoin Labs and KuCoin Ventures.
  • KuCoin aims to expand its presence in Web3 including crypto wallets, GameFi, DeFi and NFT platforms.

Cryptocurrency exchange KuCoin has raised $150 million in a pre-Series B funding round—the first financing in four years. The round was led by Jump Crypto, and saw participation from a number of venture capital firms including Circle Ventures, IDG Capital and Matrix Partners.

The platform is now valued at $10 billion, a significant increase from $100 million following its $20 million Series A funding in November 2018. 

Funds from the round will be used to expand KuCoin’s Web3 presence including crypto wallets, GameFi, DeFi, NFT platforms and DAO through its investment arms, KuCoin Labs and KuCoin Ventures. 

KuCoin Community Chain (KCC), the public chain built by KuCoin’s community members, will serve as an infrastructure for resources to be deployed to create a decentralised ecosystem.

KuCoin CEO Johnny Lyu said that the investment strengthens KuCoin’s vision to onboard the masses to the crypto space one day. “KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a gateway into crypto space,” he added. 

Additionally, KuCoin aims to leverage the pre-Series B round to build the next generation of KuCoin core trading system, support its global regulation efforts, and enhance security and risk management systems.

KuCoin’s new NFT marketplace, Windvane, and KuCoin Ventures launched a $100 million “Creators Fund” on Apr 19 to support and incubate early-stage NFT projects covering fields including arts, sports, PFPs, Asian culture, celebrities, and GameFi.

Powered by KuCoin, Windvane is a brand new, decentralised NFT marketplace that offers services such as NFT mint, trade, management, and storage. The platform supports mainstream blockchains such as Ethereum, Binance Smart Chain, and Flow, among others, allowing users to browse all NFTs on KuCoin’s cross-chain aggregator.

The launch of the “Creators Fund” marks a step forward in KuCoin’s push into the NFT space as it supports young artists and creators in showcasing their talents.

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