Crypto Exchange KuCoin Closes $20 Million Series A
Today, we are thrilled to announce that we have closed our Series A Round of Funding, raising $20 million (USD) from IDG Capital, Matrix Partners and Neo Global Capital to bring cryptocurrency to the masses. pic.twitter.com/cofB3QkJPc
— KuCoin Updates (@KuCoinUpdates) November 14, 2018
According to the announcement, the invested capital will be used to expand KuCoin’s platform globally, in an effort to make KuCoin into a household name within the crypto community. KuCoin is planning to expand into Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries by the end of the year.
The funds will also bring KuCoin 2.0, which will add new features like stop orders, upgraded APIs and a dust collector, to the market by Q1 2019.
“This is truly a dynamic and significant partnership,” said KuCoin CEO Michael Gan. “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.”
This news comes several months after KuCoin revealed that it would be extending its whitepaper KCS token lock-up period for an additional year. Now, the 100 million KCS that are held by angel investors, industry figures and founders will be locked until at least September 2, 2019, suggesting KuCoin insiders see significantly more value in the exchange and its profit-share tokens than the current price.
KCS is down 9.5% on the day to $0.993, giving the token a market cap of $89 million and making it the 5th largest constituent in the AltDex Exchange Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens.
More: IDG Capital, Matrix Partners, and Neo Global Capital Invest $20 Million USD into KuCoin to Bring Cryptocurrency to the Masses
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.