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

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



The international cryptocurrency alternate 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 alternate formally introduced on May 10 a $150 million pre-Series B funding spherical, bringing the corporate’s valuation to $10 billion.

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

“KuCoin is financially healthy. […] We are still in contact with many VCs, and we are open to have another round in the near future, as long as we can find partners that share the same value and vision with us.”

The newest KuCoin raise is led by Jump Crypto, the cryptocurrency arm of a significant quantitative buying and selling agency Jump Trading Group. Circle Ventures, the crypto funding division of the USD Coin (USDC) stablecoin, is among the many new buyers in the spherical.

Existing buyers embrace main funding agency IDG Capital and the non-public fairness funding agency Matrix Partners, which participated in KuCoin’s $20 million Series 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 make investments in crypto wallets, providers associated to decentralized finance (DeFi), GameFi and nonfungible token (NFT) platforms. The agency significantly plans to make investments in its arms like KuCoin Labs and KuCoin Ventures, in addition to the general public neighborhood chain generally known as KCC.

Related: ‘DeFi is not decentralized at all,’ says former Blockstream govt

“Decentralization is an unstoppable trend, but we believe centralization and decentralization will co-exist in the future. KuCoin hopes to better cater to the needs of all classes of investors,” Lyu mentioned. He added that the agency expects to launch decentralized pockets products later in Q2 2022 and in addition plans to rollout its NFT market Windwave in the close to future.



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