KuCoin, a cryptocurrency exchange, secured $150 million in a series B fundraising round headed by Jump Crypto on Tuesday, valuing the firm at $10 billion.
According to research company CoinMarketCap, KuCoin has 10 million members in 207 countries, making it the sixth-largest cryptocurrency exchange. It intends to utilise the funds to grow its footprint in Web3, a decentralised version of the internet based on blockchain technology.
The Seychelles-based firm, which provides trading services, wants to utilise the capital to expand into crypto wallets, digital finance, and non-fungible tokens, and to grow its online crypto community. Circle Ventures, IDG Capital, and Matric Partners all contributed to the newest round of funding.
Despite a drop in bitcoin and other assets this year, private investments in crypto companies have soared in 2022. According to Pitchbook statistics, venture capital investment in such ventures reached $10 billion in the first quarter of 2022, the highest quarterly sum ever and more than quadruple the level recorded a year before.
