Singapore based KuCoin crypto exchange has raised $20 million in its first round of financing. The news comes as cryptocurrencies continue to get battered in a year that has seen the market crash by over 70%.
$20 Million Raised in First Round
According to the official announcement the series A round of financing was led by global venture capitalists including IDG Capital, Matrix Partners and Neo Global Capital. KuCoin opened in September 2017 and has now achieved over 5 million registered users, it touts itself as “The People’s Exchange”.
The platform stated that it would be leveraging the strengths of each of its investment partners. IDG Capital has the marketing power, Matrix Partners will be providing resources and support, and Neo Global Capital has the eye for investing in emerging tech startups.