Singaporean Crypto Exchange KuCoin Raises $20 Million Series A
354 | 11/18/2018 6:03:43 AM
Singaporean crypto trading platform KuCoin has announced the successful conclusion of a $20 million Series A funding round led by IDG Capital, Matrix Partners and Neo Global Capital.
According to a statement released on November 14, the investment in KuCoin, which already boats some 5 million registered users is intended to enable the platform to “create more secure, widespread global access to this rapidly expanding technology market.”
“Dynamic and Significant Partnership”
Describing the importance of the investment to KuCoin’s future plans KuCoin CEO Michael Gan revealed that as a result of the partnership, KuCoin will be able to achieve a range of desired outcomes including bringing KuCoin Platform 2.0 online sometime in Q1 2019, increasing customer support staff numbers to improve client service efforts, enhancing the platform’s global expansion efforts and supporting research efforts to find the best blockchain projects.
In September, CCN reported that KuCoin expanded into Australia with a $3 million investment in Bitcoin Australia, a regulated Aussie crypto exchange as it seeks to actualise its global growth strategy starting with the Asia-Pacific region. Speaking about the Aussie expansion at the time, Gen describes it as not only a great strategic decision but an excellent long-lasting partnership to help cryptocurrency grow globally.”
Speaking about the funding round, Gan said:
“This is truly a dynamic and significant partnership. 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.”
In his reaction, Young Guo, Partner at IDG Capital stated that the investment is in line with IDG’s cryptocurrency and blockchain investment strategy dating back to 2012. The company is famous for being an early investor in Coinbase before the platform grew into the giant it is now. KuCoin will no doubt hope that lightning will strike twice even as Gan further revealed that the company’s customer service team will be expanded to gold standard level, with Q4 2018 growth efforts set to be focused on Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries.
He further revealed that growth projections estimate that ten global KuCoin user communities will be up and running by Q2, 2019 thanks to “targeted marketing and advertising campaigns.” Most interestingly of all, it was also revealed that the KuCoin Blockchain Training Center is already up and running, with the exchange currently waiting for its next overseas expansion effort.