Singapore-based crypto exchange platform KuCoin has secured US$20 million worth in investments from venture capitalists to fund a number of its projects.
Cryptocurrency exchange platform KuCoin has just secured US$20 million worth in investments.
The Singapore-based platform revealed on November 14 that investment firms IDG Capital, Matrix Partners, and Neo Global Capital have invested into KuCoin through the exchange’s Series A funding round.
Today, we are thrilled to announce that we have closed our Series A Round of Funding, raising $20 million (USD) from IDG Capital, Matrix Partners and Neo Global Capital to bring cryptocurrency to the masses. pic.twitter.com/cofB3QkJPc
— KuCoin Updates (@KuCoinUpdates) November 14, 2018
KuCoin pledged to use the funding to its goal of becoming one of the most recognizable exchanges in the world. Specifically, the investment would be funneled into these KuCoin projects—the KuCoin Platform 2.0, the increase of customer support staff, global expansion, and crypto research, among others.
Michael Gan, KuCoin CEO, said:
“This is truly a dynamic and significant partnership. The combined forces… 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.”
Young Guo, Partner at IDG Capital, added:
“IDG Capital has been investing in crypto related companies since 2012 and sees the potential in the blockchain industry as a world changing technology and we want to continue to be at the forefront of this movement to ensure that legitimate projects lead by teams with integrity get noticed.”
Currently, KuCoin services more than five million registered crypto holders since its launch in September 2017. The exchange offers a number of trading pairs which include popular cryptos like Bitcoin (BTC), Ether (ETH), Neo (NEO), and EOS (EOS), to name a few.