Singapore-based cryptocurrency platform KuCoin on Wednesday announced that it has secured $20 million in equity funding from IDG Capital, Matrix Partners and Neo Global Capital.
The financing will help KuCoin expand its global presence, bolster its research capabilities and train staff.
“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,” said KuCoin CEO Michael Gan.
KuCoin started trading in September 2017 and today boasts more than five million registered users. It is currently listed as the 50th largest crypto exchange on CoinMarketCap.com, with a daily trading volume of around $24.6 million.
Its partnership with IDG, Matrix and Neo Global, which is the investment arm of China’s cryptocurrency firm NEO, will help KuCoin launch the next version of its crypto trading platform – Platform 2.0 – in Q1 of 2019, complete with new features such as stop orders and upgraded APIs. In addition, it plans to expand to 10 markets by Q2 next year.
KuCoin had in September invested about A$3 million in Bitcoin Australia and formed a joint venture to expand its presence in Australia. It said its presence in Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries will be the main focus in Q4 of 2018.
KuCoin’s Series A round comes after crypto exchange Binance raised an undisclosed amount of funding from Vertex Ventures in October, signifying cryptocurrency firms’ increasing reliance on venture capital funding to sustain growth.