Crypto Exchange KuCoin Receives $150 Million Funding

Investor interest in crypto-related firms is increasing. Crypto exchange KuCoin has received around $150 million in a funding round. It plans to increase the number of products based on Decentralized Finance (DeFi). With this funding the valuation of KuCoin has increased to around $10 billion.

It is set to launch a crypto wallet, GameFi and NFT platforms. KuCoin has a statement “The new funding will help advance Web3 in addition to centralized trading services. KCC, a public chain created by community members of KuCoin, will also be an important infrastructure where the decentralized system will be built,” it added. Major crypto exchanges like Coinbase have suffered revenue loss and crypto market value has also declined in the last quarter but KuCoin expects its performance to improve manifold. For this, it is developing an improved version of the KuCoin core trading system.

Along with this, the emphasis of the exchange is on keeping the security strong. This will ensure the security of the users of the exchange and the crypto assets traded on its platform. Some venture capital firms such as Circle Ventures and Jump Crypto have funded KuCoin. This indicates the confidence of these investors in the crypto exchange business. Johnny Lyu, CEO of KuCoin, said, “The trust from key investors on the exchange further reinforces our objective that almost everyone will be with crypto.”

A few years ago, KuCoin received an investment of $ 20 million. According to data from CoinMarketCap, it is the fifth largest crypto exchange. In recent months KuCoin has tried to forge ahead in the Web3 segment. It opened its new office in the metaverse last year. Some big companies have announced plans for the Metaverse in recent months. Bloomberg Intelligence recently said in a report that metaverse The market could reach $800 billion by 2024. The Caribbean country of Barbados plans to open a digital embassy in the Metaverse. The recently created authority VARA in Dubai has started work on its presence in the metaverse. <!–

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