KuCoin, a cryptocurrency exchange, revealed that it had raised $150 million in a funding round headed by Jump Crypto, the investment arm of Jump Trading, a US-based proprietary trading firm.

https://twitter.com/kucoincom/status/1523974535371902977

Circle Ventures, the venture capital arm of stablecoin issuer Circle, and investment firms IDG Capital and Matrix Partners were among the other investors in the round. KuCoin is now worth $10 billion, according to the business.

KuCoin plans to use the cash to expand its footprint in Web3, the next generation of the internet based on blockchains, beyond centralized trading platforms. The Seychelles-based firm will expand its crypto wallets, play-to-earn games, decentralized finance, and NFT platforms investment portfolio. The funds will also be used to improve KuCoin's public blockchain based on Ethereum.

KuCoin's current investment round comes as the crypto market falls into a bear market this week, accompanied by widespread stock and asset selloffs. According to a recent report, Bitcoin, the world's largest cryptocurrency, hit a new low on Tuesday. The digital currency was trading at around $31,000, down more than 50% from its peak of $68,000 last November.

 KuCoin Raises $150M At A $10B Market Cap To Expand Its Web3 Presence

KuCoin, a cryptocurrency exchange, revealed that it had raised $150 million in a funding round headed by Jump Crypto, the investment arm of Jump Trading, a US-based proprietary trading firm.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

KuCoin Raises $150M At A $10B Market Cap To Expand Its Web3 Presence

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