Crypto Exchange KuCoin Raises $20 Million From IDG, Matrix, Neo Global

Yogita Khatri
Nov 14, 2018 at 14:00 UTC
Updated Nov 14, 2018 at 14:57 UTC

Singapore-based crypto exchange KuCoin has raised $20 million in Series A funding backed by IDG Capital, Matrix Partners and Neo Global Capital.

KuCoin announced the funding Wednesday, saying that the three firms had not only invested, but formed partnerships with the exchange in order to bring cryptocurrency to the “masses.”

With the funding in place, KuCoin said it now plans to revamp its service, launching “Platform 2.0” probably in Q1 2019. Planned to be “more than a single exchange,” the new offering, it says, will be a “dynamic, secure and malleable” trading platform that will allow KuCoin to scale and add new features.

It will also bring on more support staff and expanding to new countries – targeting Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries during Q4 2018.

With IDG, Matrix and Neo Global’s assistance, the exchange said it aims to become a global brand in the blockchain industry, claiming five million registered users, currently.

“I believe one day everything will function with blockchain technology. And with our newly formed partnerships, we will build on today’s momentum and fulfill this vision,” KuCoin’s CEO Michael Gan said.

KuCoin image via Shutterstock