$20 million has been Invested in a Singapore-based Cryptocurrency Exchange -Kucoin
Based on a recent report, Kucoin—a popular Singapore-based cryptocurrency exchange has recently completed its series A funding. The exchange was able to raise a combined total of $20 million through the funding.
Kucoin is 12 Months Old
The report also made it known that the exchanges’ series A funding had top ranking investment firms like’ IDG Capital, Matrix Partners and Neo Global Capital in attendance.
Kucoin which originally opened its platform for trading about 12 months ago, has gained a lot of users since then. A recent report from the exchange made it known that it has over five million registered users, coming from over 100 countries. In terms of trading volume, Kucoin is currently ranking as the 52nd crypto exchange in the world. The exchange also reported that it processes not less than $600 million worth of cryptocurrency trades in a given month.
The full details of the funding event have not been released yet, so the amount invested by individual firms is not yet known. Once the document becomes public, apart from knowing the amount invested by each trading firm, the document will also provide details on how the company was evaluated.
The CEO of Kucoin, Michael Gan has also commented on the funding event. He stated that:
“The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital 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.”
Use of Funding
The exchange has also made it known that the funding will be geared towards its development and its global expansion. In light of this, the exchange has made it known that its Platform 2.0 is expected to go live in Q1 2019. This new platform will allow Kucoin to scale and add new features such as stop orders, upgraded APIs and a dust collector. The company also promise to increase its workforce, especially its customer support unit.
