Seychelles-based crypto exchange KuCoin has reached a $10 billion valuation in its latest fundraise, led by industry titan Jump Trading.
Besides Jump, the funding round was joined by IDG Capital, Matrix Partners, and stablecoin giant Circle Ventures.
Already known for having a big selection filled with “hidden gems,” KuCoin CEO Johnny Lyu said that the exchange plans to use the funding to expand its portfolio of crypto wallets, GameFi, DeFi, NFTs, and DAOs.
“As you can see, KuCoin, as the home of hidden gems, not only keeps track of real-time hot sectors in the industry but also deeply researches potential projects in various sectors all the way, even if it is a small or mid-cap token at a certain stage,” he said. “For example, we have listed many new projects in the world premiere way no matter through the normal listing or KuCoin Spotlight, KuCoin BurningDrop, in which many projects are turned out to be very high-quality and potential after a period of development. The premise of guaranteeing its huge potential and quality is that we have professional, all-around, and strict related processes.”
Lyu said that while demand for centralized crypto services has risen in recent years, the exchange still wants to put focus on accommodating users who prefer decentralized exchanges (DEXs) and other decentralized services, he goes on to say:
“We noticed that some users would prefer to use DEX because it can be directly integrated with the wider crypto native ecosystem. Actually, we are exploring and developing decentralized products like the NFT marketplace – Windvane. In addition, KCC, jointly built by members of the KuCoin community and KCS fans, will also be an important aspect for KuCoin to build a decentralized ecosystem, with DEX and other protocols such as lending and stablecoins are building on it. We also have a P2P service for users who wish to convert fiat currencies to digital assets with the lowest fees and a high level of security”
According to CoinMarketCap, KuCoin is the fifth biggest crypto exchange in the world in terms of 24-hour volume in USD ($4.07 billion). It has 686 cryptocurrencies currently listed. For comparison, Coinbase has 175 and Binance has 395.
The Coin Bureau has an in-depth KuCoin Review if you would like to learn more about the exchange features and services.