KuCoin to produce DeFi products in 2022 with fresh $150M raise

The worldwide cryptocurrency exchange KuCoin aims to visit beyond centralized buying and selling services and concentrate on Web3 with new funding supported by firms like Circle Ventures.

The KuCoin cryptocurrency exchange formally announced on May 10 a $150 million pre-Series B funding round, getting their valuation to $10 billion.

The most recent funding round mainly aims to bolster the exchange’s partnership with major industry players in addition to promote the mass adoption of crypto, KuCoin Chief executive officer Johnny Lyu told Cointelegraph, noting:

“KuCoin is financially healthy. […] We’re still in touch with many VCs, and we’re available to have another round soon, as lengthy as possible find partners that share exactly the same value and vision around.Inches

The most recent KuCoin raise is brought by Jump Crypto, the cryptocurrency arm of the major quantitative buying and selling firm Jump Buying and selling Group. Circle Ventures, the crypto investment division from the USD Gold coin (USDC) stablecoin, is probably the new investors as a whole.

Existing investors include major investment firm IDG Capital and also the private equity finance investment firm Matrix Partners, which took part in KuCoin’s $20 million Series A funding round in November 2018.

Included in KuCoin’s plan to pay attention to decentralized buying and selling services and presence in Web3, the organization intends to build and purchase crypto wallets, services associated with decentralized finance (DeFi), GameFi and nonfungible token (NFT) platforms. The firm particularly plans to purchase its arms like KuCoin Labs and KuCoin Ventures, along with the public community chain referred to as KCC.

Related: ‘DeFi isn’t decentralized whatsoever,’ states former Blockstream executive

“Decentralization is definitely an unstoppable trend, but we feel centralization and decentralization will co-exist later on. KuCoin wishes to better focus on the requirements of all classes of investors,” Lyu stated. He added the firm expects to produce decentralized wallet products later in Q2 2022 as well as intends to rollout its NFT marketplace Windwave soon.

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