KuCoin Raises $150M At A $10B Market Cap To Expand Its Web3 Presence
Circle Ventures, the venture capital arm of stablecoin issuer Circle, and investment firms IDG Capital and Matrix Partners were among the other investors in the round. KuCoin is now worth $10 billion, according to the business.
KuCoin plans to use the cash to expand its footprint in Web3, the next generation of the internet based on blockchains, beyond centralized trading platforms. The Seychelles-based firm will expand its crypto wallets, play-to-earn games, decentralized finance, and NFT platforms investment portfolio. The funds will also be used to improve KuCoin's public blockchain based on Ethereum.
KuCoin's current investment round comes as the crypto market falls into a bear market this week, accompanied by widespread stock and asset selloffs. According to a recent report, Bitcoin, the world's largest cryptocurrency, hit a new low on Tuesday. The digital currency was trading at around $31,000, down more than 50% from its peak of $68,000 last November.
