Singapore-based mostly KuCoin, a major crypto trade with an active and loyal user foundation, has secured $20 million in a funding spherical led by $20 billion undertaking capital organization IDG.
Michael Gan, the CEO of KuCoin, wrote, “Today, we are thrilled to announce that we have closed our Collection A Spherical of Funding, elevating $20 million (USD) from IDG Cash, Matrix Partners and Neo Worldwide Money,” adding that the investment will permit KuCoin to continue on to expand swiftly in the years to come.
“We are really excited and appreciative for the option to be partnered with this kind of hugely highly regarded investors. It is not only an endorsement of our achievements so significantly, but also a prospect for KuCoin to accomplish even more accomplishment in the long term.”
Earlier Allegations Concerning KuCoin
In August, Jackson Wong, a journalist based mostly in Hong Kong, documented that the Hong Kong offices of KuCoin are vacant and that the detailed company deal with on the formal website of KuCoin had not been occupied by the exchange for at the very least two yrs.
At the time, KuCoin responded to the report of Wong, detailing that KuCoin operates quite a few subsidiaries in lots of countries together with Hong Kong, Singapore, the Philippines, and Thailand, with additional than 300 staff.
“There have been rumors that KuCoin’s central business office in Hong Kong is vacant. In truth, KuCoin’s public deal with in Hong Kong is basically a mailing tackle of one of KuCoin’s many subsidiary organizations. KuCoin Headquarters is in Singapore. KuCoin has usually been a world wide firm, with above 300 staff members and four main offices in China, the Philippines, Singapore, and Thailand,” KuCoin team explained in a statement launched on the KuCoin subreddit.
Nonetheless, regardless of the clarification made available by KuCoin to justify its deserted Hong Kong place of work, investors in the cryptocurrency group continued to problem the solvency and legitimacy of the exchange’s operations.
Fewer than 3 months soon after the controversial incident, KuCoin secured a high profile funding spherical from a single of the most significant undertaking funds firms in Asia. The exchange’s CEO Michael Gan noted that the exchange had faced hardships and worries in excess of the earlier several months, but its lively consumer foundation and partners have consistently authorized the system to develop.
With the freshly received funds, KuCoin is predicted to launch a new model of the platform known as KuCoin 2. and grow its functions in the course of Asia and other main marketplaces to expand the organization.
Crucially, Gan emphasised that the financial commitment from IDG Cash will permit the corporation to increase its consumer assistance and commence to present concierge-degree client companies in the short-term, competing versus exchanges like Bithumb and Upbit in South Korea that give wander-in companies to newcomers in the cryptocurrency trade industry.
“Based on our newly-shaped partnership, we are aiming to acquire even further measures to make KuCoin the ideal exchange accessible. This will be finished by bringing the KuCoin System 2. online, growing to far more markets, supplying concierge-level buyer solutions, and strengthening our capacity for exploring and nurturing blockchain talents.”
KuCoin Can Shift On
With enough capital to aggressively grow internationally and planet-course venture capital companies as its partners, KuCoin has shrugged off its previous allegations and has vowed to compete in the really competitive cryptocurrency trade sector.
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