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

The worldwide cryptocurrency change KuCoin goals to transcend centralized buying and selling providers and give attention to Web3 with new funding backed by companies like Circle Ventures.

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

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

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

The newest KuCoin increase is led by Soar Crypto, the cryptocurrency arm of a significant 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 traders within the spherical.

Current traders embody main funding agency IDG Capital and the personal 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 give attention to decentralized buying and selling providers and presence in Web3, the corporate plans to construct and spend money on crypto wallets, providers associated to decentralized finance (DeFi), GameFi and nonfungible token (NFT) platforms. The agency significantly plans to spend money on its arms like KuCoin Labs and KuCoin Ventures, in addition to the general public neighborhood chain often called KCC.

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“Decentralization is an unstoppable development, however we imagine centralization and decentralization will co-exist sooner or later. KuCoin hopes to higher cater to the wants of all lessons of traders,” Lyu stated. He added that the agency expects to launch decentralized pockets merchandise later in Q2 2022 and in addition plans to rollout its NFT market Windwave within the close to future.