IDG, Matrix Partners back $20m funding round for SG-based crypto platform KuCoin

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 VietnamTurkeyItalyRussia 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.

Also Read:

Vertex Ventures invests in global cryptocurrency exchange Binance

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.