KuCoin will focus on Web3 & Decentralized services with latest secured fundings: Report


Through the latest funding round, KuCoin aims to expand its network in other possible crypto services & mass crypto adoption.

KuCoin is a cryptocurrency exchange. This exchange allows customers to trade cryptocurrencies or digital currencies. Exchange’s headquarter is situated in Singapore. Due to quality-based services, the exchange is standing at 5th rank, in terms of global crypto trade volume contribution.

On 10 May, KuCoin announced its pre-Series B funding round, in which the exchange secured around $150 million. With the latest funding round, the company is standing strong with a total valuation of $10 billion.

This funding round was aimed to bring other players of the crypto industry under exchange partnership and also to push the crypto adoption rapidly.

Johnny Lyu, CEO of the KuCoin exchange, shared some important details about this funding round with Cointelegraph. Lyu said:

“KuCoin is financially healthy (…) We are still in contact with many VCs, and we are open to having another round shortly, as long as we can find partners that share the same value and vision with us.”

This funding round of KuCoin was led by Jump Crypto. USDC stablecoin issuer company Circle became the new investor in KuCoin. 

Crypto exchange also stated that it will now work in the decentralized services, like crypto wallets, and also will show a better presence in Web3-based project development works.

Besides these things, exchange will show a better inclination toward the GameFi and nonfungible token (NFT) platforms. 

KuCoin CEO said that Decentralized concept-based projects are those trends, which are unstoppable, and also decentralized and centralized services will exist in the future together.

“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.”

CEO also said that the exchange will launch its decentralized crypto wallet in the second quarter of this year and also will launch the NFTs platform in near future.

Read also: Binance exchange partially halts UST Withdrawal