Business

Dennis Wafula

Crypto exchange KuCoin raises $20M in IDG Capital-led funding round

Singapore-based cryptocurrency platform KuCoin has secured $20 million in a Series funding round from IDG Capital, Matrix Partners, and Neo Global Capital.

In a statement, KuCoin CEO Michael Gan said the combined investment from the three firms “will help KuCoin increase its growth, expand understanding and adoption of cryptocurrency for millions of potential users. It will also help users more effectively through find the best products in the crypto-space all around the world.”

The investment is expected to bring many changes to the KuCoin ecosystem. It will help the company grow such as the development of KuCoin Platform 2.0, which will go live in the first quarter of 2019. According to KuCoin, the new platform will offer dynamic, secure and malleable trading.

The injection of funds will also increase customer support and global expansion to targeted markets. KuCoin will also use the newly acquired funds to emphasize research and education. The company hopes to find the more blockchain protects for its ecosystem that will not only grow the cryptocurrency community but also solve various issues. The exchange also plans to invest in its own Blockchain Training Centre to train staff members.

Gan said the exchange will continue to form more partnerships in the future, as it works to become one of the top exchanges in the world.

Young Guo, a partner at IDG Capital, said the firm’s investment in KuCoin makes absolute sense, noting, “WE want to continue to be at the forefront of this movement to ensure that legitimate projects led by teams with integrity get noticed.” IDG has been investing since 2012 in legitimate blockchain startups that show great promise, according to Guo.

KuCoin has over 5,000,000 registered users. With the new funding in place, the company hopes to expand into Vietnam, Italy, Russia, Turkey, and all Spanish-speaking countries before the end of 2018.

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