Cryptocurrency exchange KuCoin announced the successful completion of funding round series A, in which the platform has managed to raise $20 million.
The funding round is participated by the investment company IDG Capital, Matrix Partners and cryptocurrency Fund Neo Global Capital. More information about the last round of the exchange is not yet published.
“It’s really dynamic and meaningful partnership”, — said the head KuCoin Michael Gan (Gan Michael). — “The combined efforts of these companies will help grow the exchange KuCoin, to broaden the understanding and acceptance of the cryptocurrency among millions of potential users, and also to teach the users find the best products in the cryptocurrency sphere, no matter where they are.”
KuCoin plans to use the investments for development of existing sites and to create new ones. So in the first quarter of next year will release KuCoin Platform 2.0. The new platform will have more scalability, an updated programming interface (API) and new functions, in particular, support stop orders. In addition, the company plans to hire more employees to support and to increase the staff of the research group KuCoin.
The bulk of the investment will be spent on expanding business and entering new markets. The exchange is seriously aimed at the markets of Vietnam, Turkey, Italy, all Spanish-speaking countries and Russia. For the second quarter of 2019 KuCoin already intends to fully function in ten global markets.
Exchange KuCoin opened in September of 2017, and today it has more than five million registered users in a hundred countries. The site occupies 52-th place in the ranking by trading volume. Her monthly turnover is nearly $600 million.
Recall that in August, the journalist Jackson Wong (Wong Jackson) suspected crypto currency exchange fraud. The basis for suspicion was the lack of a real office KuCoin at the registered office in Hong Kong. Wong advised to avoid cooperation with the exchange, until it becomes more open. Later, the network appeared the answer KuCoin on suspicion of the journalist: the company clarified the location of their offices and explained that the address specified in the Hong Kong stock exchange is used only for receiving mail.