Crypto Exchange KuCoin Raises $20M USD In Series A Funding
Singapore-based crypto exchange KuCoin has raised $20 million in a Series A funding round from IDG Capital, Matrix Partners and Neo Global Capital.
Kucoin is a multi-cryptocurrency exchange that offers trading pairs such as BTC/BCH, BTC/DASH, BTC/NEO, BTC/ETH, BTC/RDN, BTC/LTC, BTC/CVC, BTC/KCS, BTC/RPX, etc. It claims to have more than five million registered users on its platform and transacts $600 million per month. The company also employs 300 people.
The company will use the financing to launch the Kucoin Platform 2.0 in Q1 2019 and increase customer support staff to offer concierge-level service to all traders. It also plans to expand to Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries by the end of the year.
“This is truly a dynamic and significant partnership,” said KuCoin CEO Michael Gan. “The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help Kucoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.”
The funding will also be used to educate and train blockchain talents in its Blockchain Training Center in order to achieve its ambitious growth goals.
“By doing this, we can continue to spare no effort in exploring the best hidden gems in the crypto world while growing exponentially on a global scale and, more importantly, solidifying our position as “The People’s Exchange,” said Gan.
Gan said he expects KuCoin to evolve into one of the top crypto exchanges in the world by continuing to form partnerships that will benefit users in every market.
“I believe one day everything will function with blockchain technology,” Gan said. “And with our newly formed partnerships, we will build on today’s momentum and fulfill this vision. Furthermore, we will now be able to expand our team to dig deeper and find more valuable opportunities even faster and from more places than we can imagine today.”
