With plans to deliver new DeFi products and introduce its very own NFT trade platform, KuCoin has recently managed to collect around an impressive $150M in recent funding event.
$150M in the Bag
Globally recognized popular cryptocurrency exchange, KuCoin recently hosted a Series B funding event in which it successfully gathered up around $150M in funds to support its upcoming projects and decentralized finance (DeFi) products. KuCoin released an official statement announcing the accumulation of these beneficial funds, helping the firm to reach an excellent valuation of around $10Billion.
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This funding event mainly highlights the firm’s evolution towards decentralized finance and Web3 solutions. The funding round is also aimed at solidifying the exchange’s relationships and partnerships with many other popular companies, while also promoting new users and firms to join in on the cryptocurrency bandwagon.
This Series B funding event, it was dominated by Jump Crypto, which is a subdivision of the parent trading company known as the Jump Trading Group, making it the top contributor. Following KuCoin’s vision was a new face named Circle Ventures, which also contributed to the funding event. Circle Ventures is basically an investment subsidiary that is powered by the official USD Coin (USDC). Other participants included KuCoin’s major and loyal contributors such as, IDG Capital and Matrix Partners.
CEO of KuCoin, Johnny Lyu stated to news outlet that KuCoin is in a good financial position, and they are hoping to host another funding event in the coming time, connecting with more partners that are in line with their vision and goals. Johnny added that this new trend towards decentralization is insuperable, however centralization will still act in conjunction and KuCoin is looking to facilitate all kinds of investors. Jonny also stated that the wallets will launch in Q2 and the NFT trade platform will come in the future.
KuCoin’s vision of focused towards introducing newer DeFi products and developing a presence in the Web3 Ecosystem. The firm is not only planning to develop and contribute in crypto-based wallets, but is also interested in introducing DeFi services, GameFi and their very own Non-Fungible Token (NFT) trading platform. KuCoin also wants to power its subsidiaries that include KuCoin Labs, KuCoin Ventures and a public community chain called the KCC.