KuCoin Cryptocurrency Exchange Raises $20 Million in Series A Round
KuCoin recently raised $20 million in funding in a Series A round led by Venture Capital Firms and included IDG Capital, Matrix Partners, and NEO Global Capital. According to the Straits Times’ article published on November 15, 2018, the cryptocurrency exchange is excited to leverage the newly raised capital and strategic partners to help expand their global reach, develop technology, and launch their investment arm.
KuCoin Raises Capital and Gains Strategic Partners
Known as the “People’s Exchange,” the platform has over five million registered users and intends to continue growing to become a leader in the blockchain sector. According to CoinMarketCap, KuCoin is ranked in the top 50 cryptocurrency exchanges, landing 49th place with a daily trading volume of around $25 million.
“I believe one day everything will function with blockchain technology,” said Michael Gan, the CEO of KuCoin. “And with our newly formed partnerships, we will build on today’s momentum and fulfill this vision.”
Gan mentioned that he is keen to expand the team and aggressively promote blockchain technology for everyone on a global scale.
According to TechCrunch, the $20 million raised will go towards hiring and expanding the team, especially new developers and doubling their support crew.
The cryptocurrency exchange will also invest heavily into an operational Blockchain Training Center to train and develop staff members since the cryptocurrency industry is currently lacking a large number of experienced workers. The Training Center will hopefully help the firm develop the workforce it requires to achieve fast growth and hit ambitious goals.
KuCoin Has Fast and Ambitious Expansion Plans
KuCoin is also keen to develop new features for more serious cryptocurrency traders which include faster transactions and stop-loss features. They plan to launch cryptocurrency communities in many countries including Vietnam, Turkey, Italy, Russia, and other Spanish-speaking countries before 2019 starts.
The Singapore-based cryptocurrency exchange is looking to move fast and hit ten markets within the next six months while going into greater lengths regarding in-house research to find promising projects.
KuCoin will also leverage the strengths of each VC member. They will use IDG Capital’s marketing advantages, Matrix Partners’ resources, and Neo Global Capital’s thought leadership and knowledge in investing in early-stage blockchain startups, especially as KuCoin develops their investing arm.