KuCoin Raises $150M in Round Led by Jump Crypto at $10B Valuation

The crypto exchange will use the capital to expand its product lineup.

AccessTimeIconMay 10, 2022 at 10:00 a.m. UTC
Updated May 11, 2023 at 6:50 p.m. UTC

Crypto exchange KuCoin has raised $150 million in pre-Series B funding at a valuation of $10 billion, the company confirmed to CoinDesk on Tuesday.

The round, which was led by Jump Crypto, also saw participation from Circle Ventures, IDG Capital and Matrix Partners.

  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
    06:55
    Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
  • “We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive yield generation to support the growth of Web 3.0 and the crypto markets,” Tak Fujishima, head of Asia at Jump Crypto, said in a statement.

    KuCoin will use the funds to expand its product offerings, going beyond its current centralized trading services and increasing its presence in the broader Web 3 market, by building out crypto wallets, as well as decentralized finance (DeFi) and non-fungible token (NFT) platforms, through its investment arms like KuCoin Labs and KuCoin Ventures.

    “As the Web 3 industry is growing quickly, we are seeing a massive need for new solutions and talents,” CEO Johnny Lyu said in a Telegram message. “KuCoin is glad to contribute financial, technological and human resources to accelerate the research and adoption of Web 3.0 technologies.”

    Some of the funds will go toward the development of infrastructure and applications on KCC, the public chain built by KuCoin's community members.

    KuCoin is the fifth-largest crypto exchange in the world by trading volume, according to CoinMarketCap data. It secured $20 million in Series A funding in November 2018.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Shaurya Malwa

    Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.