Crypto exchange KuCoin hits a unicorn valuation of $10 billion after a $150M Series B raise

KuCoin, the fifth-largest cryptocurrency exchange, has raised $150 million in Series B funding to expand its presence in Web3, a decentralized version of the Internet that is based on blockchain technology. The round, which was led by Jump Crypto, brings the company’s valuation to $10 billion, making it a member of the highly coveted unicorn club.

The crypto tech startup raised its $20 million Series A funding back in 2018 to bring cryptocurrency to the masses. The latest funding round also includes investment from Circle Ventures, IDG Capital, and Matric Partners.

KuCoin will also the new cash infusion to expand to crypto wallets, digital finance, and non-fungible tokens as well as to build its online community of crypto users.

Although the crypto startup is not as well-known as Binance and Coinbase, the Seychelles-based KuCoin is not new to the cryptocurrency space. It was founded in 2013 by a group of blockchain enthusiasts who had proved themselves in industry giants like Ant Financial and GF Securities.

Kucoin is also the second exchange to distribute GAS to NEO holders, and the first exchange to distribute GAS daily. The first exchange to do so is Binance, which distributes GAS to NEO holders on a monthly basis.

The latest turmoil in the crypto market has not stopped investors from pouring billions into the crypto space. Private and venture capital firms’ investments in crypto firms have exploded in 2022 despite a slump in bitcoin and other assets this year.

According to data from Pitchbook, VCal investment in crypto-related projects totaled $10 billion globally in the first quarter of 2022, the largest quarterly sum ever and more than double the level seen in the same period a year ago.