Cryptocurrency platform KuCoin closes US$20mil in Series A funding
By Yunnie Marzuki November 19, 2018
- Investment will boost product development and expansion to other markets
- Has a blockchain training centrein the Philippines and will open more
SINGAPORE-based international cryptocurrency platform KuCoin receives US$20 million in Round A of funding led by IDG Capital, followed by Matrix Partners, and Neo Global Capital (NGC).
The investment also marks partnerships between all parties to bring cryptocurrency trading into the mainstream world via the KuCoin exchange. The investment in KuCoin will create more secure, widespread global access to this expanding technology market.
The partnership meets a market need and leverages on the key strengths of each partner, from IDG Capital’s marketing power, Matrix Partners’ resources and support, to NGC’s leadership in the early investing into blockchain projects and KuCoin as a trading platform in the crypto industry.
KuCoin chief executive officer Michael Gan says, “This is truly a dynamic and significant partnership. The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help KuCoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.”
A fully-intended by product will be developed to promote blockchain technology for everyone.
“I believe one day everything will function with blockchain technology. And with our newly formed partnerships, we will build on today’s momentum and fulfill this vision.
“Furthermore, we will now be able to expand our team to dig deeper and find more valuable opportunities even faster and from more places than we can imagine today.”
Over time, Gan expects KuCoin to evolve into one of the top exchanges in the world. It now operates in Hong Kong, Singapore, Thailand, and the Philippines.
“That, more than anything else, is why ‘The People’s Exchange’ team will continue to evolve and form additional partnerships that will benefit users in every market.”
IDG Capital’s Young Guo says, “IDG Capital has been investing in crypto related companies since 2012 and sees the potential in the blockchain industry as a world changing technology and we want to continue to be at the forefront of this movement to ensure that legitimate projects led by teams with integrity get noticed.”
The KuCoin Exchange opened for cryptocurrency trading in September 2017 and has attracted more than five million registered users with over US$320 million as the highest trading volume, 180 listed tokens, and 400 trading pairs.
Gan explains that the partnership will focus on several critical elements that will support KuCoin’s growth and broad market access including introducing KuCoin Platform 2.0, improving customer service, increasing research for blockchain projects, supporting global expansion in their languages, and nurturing blockchain talents.
The KuCoin Platform 2.0 is expected to go live in 1Q19, and will offer a more dynamic, secure and malleable trading platform which will allow KuCoin to scale and add quite a diverse set of features such as stop orders, upgraded APIs and dust collector.
The company will also expand to Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries as the main focus for growth in 4Q18.
Communities in these new markets are already live and expected to grow through the year, due to expanding targeted marketing and advertising campaigns and it is estimated that a total of ten global communities will be up and running by 2Q19.
In the Asia-Pacific region, KuCoin continues to solidify its power base with increased awareness and government support of this new form of investing.
As an example, The South Korean Financial Services Commission introduced their Cryptocurrency Division; Japan in late October approved Cryptocurrency Self-Regulation by the Japanese FSA, and Thailand enacted its new law, the Digital Asset Business Decree. These developments portray a rapidly evolving industry.
Gan explains that cryptocurrency is new as everyone including regulators are still learning and KuCoin will work closely with them.
To expand the knowledge base, KuCoin opened a blockchain training centre in the Philippines in 2018 and has graduated more than 50 students. The company also aims to open training centres at other global offices by 1Q19.