KuCoin raises $150 million at a $10 billion valuation

The cryptocurrency exchange KuCoin has raised $150 million in a pre-Series B funding round. Investors valued the company at $10 billion.

#KuCoin announced a $150 million pre-Series B funding round, bringing its valuation to $10 billion.

The round, led by @jump_, saw the participation of multiple investment funds, including @circlepay, @IDGCapital & @MatrixPartners.

— KUCOIN (@kucoincom) May 10, 2022

The round was led by Jump Crypto. The funding also included several venture funds, among them Circle Ventures, IDG Capital and Matrix Partners.

The company plans to use the funds to broaden its product lineup beyond centralized services. Specifically, through its investment units, the exchange intends to enter DeFi and NFT markets.

A portion of the funding will also be allocated to developing the infrastructure and applications on the KuCoin Community Chain blockchain.

The Series A round was completed in 2018. At that time, it raised $20 million. Investors included IDG Capital, Matrix Partners and Neo Global Capital.

In April 2022, KuCoin launched a $100 million fund for NFT creators.