KuCoin has received a funding investment of USD 20 Million during a Series A funding. The cryptocurrency exchange launched in 2017 and currently has over 5 million registered users and supports about 403 trading pairs with a 24-hour trading average of over USD 31.6 million.
It announced that agreements have been reached by three venture capitalists – Matrix Partners, IDG Capital, and Neo Global Capital to invest USD 20 million in the Series A funding round.
The company’s new capital is said by KuCoins executives to be earmarked for investment in KuCoin’s platform 2.0 which is being developed to include improvements such as stop orders and upgraded APIs on the Platform, the release of which has been postponed to the end of Q4.
According to the CEO Michael Gan, this investment would bring about increased customer support, staff support, growth and global expansion into targeted markets including Vietnam, Turkey, Italy, Russia and Spanish-speaking countries, the improvement of its blockchain research, and the upgrade of its already operational blockchain educational system.
In discussing the features of the developing platform, Michael shared that it will be a “dynamic, secure and a malleable trading platform”.
IDG Capital, Matrix Partners, and Neo Global Partners are highly successful firms that have high-valued investments in multiple crypto-related companies.
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