October 2, 2022


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Cryptocurrency alternate KuCoin has raised $150 million (£122m) in a collection B funding spherical, valuing...

Cryptocurrency alternate KuCoin has raised $150 million (£122m) in a collection B funding spherical, valuing the corporate at $10bn, the corporate mentioned on Tuesday.

KuCoin, which says it has 18 million customers in additional than 200 international locations, is the sixth-largest crypto alternate on the planet by commerce quantity, in keeping with Coingecko, with $4.7bn in spot trades over a 24-hour interval as of Tuesday.

The corporate plans to make use of the funding to increase past centralised buying and selling providers and enhance its presence in web3, a next-generation imaginative and prescient for the web that’s decentralised and based mostly on blockchains.

The Seychelles-based agency mentioned it might increase its funding portfolio of crypto wallets, play-to-earn video games, decentralised finance and NFT platforms, in addition to bettering its Ethereum-based public blockchain.

KuCoin co-founder and chief government Johnny Lyu. Picture credit score: KuCoin

‘Vote of confidence’

The spherical was led by Bounce Crypto, the funding arm of US proprietary buying and selling agency Bounce Buying and selling, with different buyers together with Circle Ventures, the VC car of stablecoin issuer Circle, and funding corporations IDG Capital and Matrix Companions.

“The vote of confidence from distinguished buyers, together with Bounce Crypto and Circle Ventures, solidifies our imaginative and prescient that at some point everybody shall be with crypto,” mentioned KuCoin co-founder and chief government Johnny Lyu in an announcement.

“KuCoin is constructed for all courses of buyers, and we imagine these new buyers and companions will contribute to creating KuCoin synonymous with a dependable and reliable gateway into crypto area.”

KuCoin was based in Singapore in 2017 as a crypto alternate, however has since expanded into areas equivalent to lending and NFT buying and selling, in addition to establishing an funding arm that focuses on crypto and blockchain tasks.

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Crypto funding growth

The corporate was hit by one of many greatest crypto thefts in historical past in 2020, when it reported the some $280m worth of Bitcoin and other tokens had been stolen. This represented greater than half of all cryptocurrencies stolen that 12 months, in keeping with Chainalysis.

Chainalysis later mentioned the theft had in all probability been carried out by the North Korean hacking group Lazarus Group.

Non-public investments in crypto corporations have jumped this 12 months regardless of a stoop within the worth of Bitcoin and different digital property.

Enterprise capital investments in such tasks reached $10bn worldwide in the first quarter of 2022, greater than double the extent of the identical interval a 12 months earlier, in keeping with Pitchbook.

Within the meantime Bitcoin on Tuesday dropped to its lowest degree since July 2021, in keeping with Coingecko. The cryptocurrency is at the moment buying and selling at round $31,000, down more than 50 percent from its peak of greater than $68,000 final November.