This news comes on the heels of its extended Series A round. It plans to use the funds to expand its Web 3.0 presence via strategic investments. Here are the top-line bullets you need to know.
KuCoin, a cryptocurrency exchange platform, has raised $150M in an extended Series A. The round drew participation from Jump Crypto, Matrix Partners China, and Circle Ventures, among others.
How’s the company performing?
- China-based KuCoin enables investors to buy, sell, and store cryptocurrencies.
- The company currently caters to over 18M global users across 207 countries and regions.
- KuCoin claims to have an accumulated trading volume of $800B.
- It has an office in Sichuan, China.
Source: KuCoin
Why does the market matter?
- The cryptocurrency market is expected to reach a value of $2.2B by 2026, growing at a CAGR of 7.1%, according to Markets and Markets.
- The lack of transparency in current monetary systems has increased the demand for cryptocurrency solutions.
- The rising number of crypto applications across industries has also contributed to market growth.
- Recently, the crypto market has taken a plunge due to a major selloff in stocks and other digital assets. Earlier this week, Bitcoin saw its price drop by more than 50% from its November 2021 peak to hit $31K, according to Coingecko.
