Even amid bearish market conditions, venture capital investors seem poised, even giddy to throw money at the crypto industry. This sentiment was recently proven, as KuCoin recently secured millions from three leading investment consortiums.
IDG, Matrix, Neo Throw Millions At KuCoin
On Wednesday, KuCoin, a world-renowned crypto exchange headquartered in Singapore, revealed that it secured $20 million USD in funding from a number of venture capital giants, including IDG Capital. While IDG led KuCoin’s Series A funding round, Matrix Partners and Neo Global Capital, two prominent investment groups, also contributed.
This funding is evidently a sum of utmost importance, as the Singapore-based startup will use this injection of capital to bolster its services, platform, and products, which are aimed at cryptocurrency investors across the globe.
Revealing this unexpected development via an official blog post, Michael Gan, CEO of KuCoin, expressed his excitement for this newly-formed business relationship, explaining that “we are extremely excited and appreciative for this opportunity… It is not only an endorsement of our achievements so far, but also a chance for KuCoin to achieve further success in the future.”
Gan then drew attention to KuCoin’s mission, which, like many others, is focused on making crypto assets and their respective blockchains available in every country, and for every consumer. As put short and sweet by the platform itself, “[we are] The People’s Exchange.”
And, of course, tying his firm’s ethos to the funding boost, the industry insider explained:
“we are aiming to take further steps to make the best exchange available. This will be done by bringing the KuCoin Platform 2.0 online, expanding to more markets, offering concierge-level customer services, and improving our capacity for researching and nurturing blockchain talents.”
Gan also touched on the exploration of this industry’s “best hidden gems,” likely touching on the fact that much of crypto is undiscovered territory, as it were. Speaking with Straits Times, an Asian media outlet, IDG Capital’s Young Guo touched on his firm’s involvement in crypto-related firms.
Guo alluded to the fact that KuCoin is a “legitimate project led by [a] team with integrity,” before subsequently noting that IDG sees mounds of potential in blockchain as the world’s next ground-breaking innovation. Or as put by Dan Morehead, CEO of Pantera Capital, in a Bloomberg interview, “[crypto will become an] industry serial killer.”
To surmount this vision of grandeur, Straits Times noted that the Singaporean platform will “invest heavily” in its Blockchain Training Center, a venture focused on aiding and fostering forward-thinkers that have the potential to usurp traditional, centralized systems and ecosystems.
In the past 24 hours, per LiveCoinWatch’s exchange data aggregator, KuCoin has facilitated $10.1 million dollars worth of trades, while making up 0.14% of this market’s aggregate volume.
Interestingly, this positive development comes just three months after Jackson Wong, a crypto enthusiast, revealed that the exchange’s Hong Kong office wasn’t just unmarked, but empty. While the startup has since responded to the accusations, claiming that its Hong Kong office was nothing more than a mailing address, some are still skeptical of the exchange’s legitimacy.
Regardless, KuCoin’s Series A funding round has only legitimized the exchange.