On November 14th, Singapore-based cryptocurrency exchange KuCoin announced its series A round of funding, of which US$20,000,000 was raised from IDG Capital, Matriculates Partners and NEO Global Capital. KuCoin, who has labelled itself as “The People’s Exchange” is aiming to bring cryptocurrency trading to the mainstream.
CEO of KuCoin Michael Gan said in a statement on the investment “The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help KuCoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.”
The partnership will focus on various areas to promote KuCoin’s growth, such as the development of “KuCoin Platform 2.0,” increased customer support and global expansion to targeted markets. KuCoin will also place an emphasis on research and education, investing into its own Blockchain Training Centre to train more experienced staff.
NEO Global Capital (NGC) is a Singapore-based for-profit licensed fund management company that acts as an investment platform to empower high-quality blockchain projects. Though NGC is solely funded by the NEO Foundation, the funds under its management may have other limited partners. Other projects it has invested in include Moonlight, Alchemint, BlaCat, nOS, NKN, Cocos, Switcheo, Ontology and many more.
KuCoin claims to have over 5,000,000 registered users and is targeting expansion into Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries during Q4 of 2018. KuCoin was also the first exchange to offer markets with NEO as a quote currency, and is still the only traditional exchange to do so, with the Switcheo and Aphelion decentralized exchanges now also offering NEO quote currency markets.
The full announcement from KuCoin on the investments can be found at the link below.