Wednesday, November 29, 2023

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

The worldwide cryptocurrency trade KuCoin goals to transcend centralized buying and selling companies and concentrate on Web3 with new funding backed by companies like Circle Ventures.

The KuCoin cryptocurrency trade formally introduced on Might 10 a $150 million pre-Sequence B funding spherical, bringing the corporate’s valuation to $10 billion.


The most recent funding spherical primarily goals to strengthen the trade’s partnership with main business gamers in addition to promote the mass adoption of crypto, KuCoin CEO Johnny Lyu advised Cointelegraph, noting:

“KuCoin is financially wholesome. […] We’re nonetheless in contact with many VCs, and we’re open to have one other spherical in the close to future, so long as we will discover companions that share the identical worth and imaginative and prescient with us.”

The most recent KuCoin raise is led by Soar Crypto, the cryptocurrency arm of a serious quantitative buying and selling agency Soar Buying and selling Group. Circle Ventures, the crypto funding division of the USD Coin (USDC) stablecoin, is among the many new buyers in the spherical.

Present buyers embody main funding agency IDG Capital and the non-public fairness funding agency Matrix Companions, which participated in KuCoin’s $20 million Sequence A funding spherical in November 2018.

As a part of KuCoin’s plan to concentrate on decentralized buying and selling companies and presence in Web3, the corporate plans to construct and make investments in crypto wallets, companies associated to decentralized finance (DeFi), GameFi and nonfungible token (NFT) platforms. The agency notably plans to make investments in its arms like KuCoin Labs and KuCoin Ventures, in addition to the general public neighborhood chain referred to as KCC.

Associated: ‘DeFi is just not decentralized in any respect,’ says former Blockstream government

“Decentralization is an unstoppable development, however we consider centralization and decentralization will co-exist in the longer term. KuCoin hopes to higher cater to the wants of all lessons of buyers,” Lyu mentioned. He added that the agency expects to launch decentralized pockets products later in Q2 2022 and likewise plans to rollout its NFT market Windwave in the close to future.