KuCoin Plans to Expand Platform to Include DeFi Products

KuCoin, the global cryptocurrency exchange, aims to expand its platform beyond centralized trading services and will focus on Web3. This follows after the platform received funding from firms such as Circle Ventures.

In an announcement made on the 10th of May, KuCoin officially announced a $150 million pre-Series B funding round. This brings the company’s valuation to $10 billion.

The main aim behind the latest funding round is to strengthen the exchange’s partnership with major industry players, as well as promote the mass adoption of crypto.

The CEO of KuCoin, Johnny Lyu, said in a recent interview that “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.”

Lyu added that “decentralization is an unstoppable trend, but we believe centralization and decentralization will coexist in the future. KuCoin hopes to better cater to the needs of all classes of investors”.

Jump Crypto, which is the cryptocurrency arm of a major quantitative trading firm, Jump Trading Group, leads the way in the latest KuCoin funding raise. Circle Ventures is among the new investors in the round.

As part of the company’s plans to focus on decentralized trading services and presence in Web3, KuCoin plans to build and invest in services related to decentralized finance (DeFi), crypto wallets, non-fungible token (NFT) platforms, and GameFi. One of the main priorities of the firm is to invest in its internal arms such as KuCoin Labs and KuCoin ventures.