KuCoin, the Singapore-based cryptocurrency exchange, has raised $20 million in Series A funding from IDG Capital, Matrix Partners, and Neo Global Capital. KuCoin operates as a spot-trading platform w
KuCoin, the Singapore-based cryptocurrency exchange, has raised $20 million in Series A funding from IDG Capital, Matrix Partners, and Neo Global Capital.
KuCoin operates as a spot-trading platform with more than 5 million registered users. The exchange lists over 350 trading pairs and ranks among the world's largest for NEO tokens. The company operates under PhoenixFin Pte. Ltd, a Singapore corporation, with branch offices across China, Thailand, the Philippines, and Bulgaria.
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The funding will fuel several product and expansion initiatives. KuCoin is developing Platform 2.0 with stop orders and upgraded APIs. The exchange will hire more customer support staff and push into Vietnam, Turkey, Italy, Russia, and Spanish-speaking countries. The company will increase blockchain research and expand its Blockchain Training Center, which runs educational programs.
"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."
IDG Capital has invested in crypto since 2012, funding companies including Ripple, Circle, and Coinbase. Young Guo, a partner at the firm, described its approach: "[IDG Capital] sees the potential in the blockchain industry as a world changing technology and we want to continue to be at the fore front of this movement to ensure that legitimate projects lead by teams with integrity get noticed."
Matrix Partners, a leading venture capital firm in China, invests in fintech, healthtech, social networks, and mobile marketplaces. The firm has backed Elemential, a blockchain startup based in Mumbai, and TokenInsight, which analyzes cryptocurrency market data.
NEO Global Capital serves as the NEO Foundation's investment arm. The fund has invested in Ontology, Bluzelle, and Cobo Wallet.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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