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Singaporean crypto platform KuCoin secures US$20M funding from IDG Capital, Matrix Partners

Singaporean crypto platform KuCoin secures US$20M funding from IDG Capital, Matrix Partners

Participating in the round of funding are IDG Capital, Matrix Partners, and Neo Global Capital

Yesterday, Singapore-based crypto platform KuCoin shared that it has bagged US$20 million of equity funding from IDG Capital, Matrix Partners, and Neo Global Capital.

KuCoin plans to use the funding for expansion, research and development, improvement of customer service, and talent training through its Blockchain Training Center. In this year’s last quarter, the company targets to have a presence in Vietnam, Turkey, Italy, Russia, and all Spanish-speaking countries.

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The company also plans to launch the Platform 2.0 of its crypto trading platform in Q1 of 2019. The new version of the platform will include new features such as stop orders, dust (a small valued crypto spare change) collector, and upgraded APIs.

As for expansion, 10 markets are in their agenda for Q2 next year.

“The financing and support from IDG Capital, Matrix Partners, and Neo Global Capital will help KuCoin grow and expand understanding and adoption of cryptocurrency, and help users to efficiently find the best products available in the crypto-world wherever it is,” said KuCoin CEO Michael Gan.

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KuCoin’s trading began in September 2017 and it claimed to have more than five million registered users. On CoinMarketCap.com, KuCoin sits on 50th place with a daily trading volume of around US$24.6 million.

Photo by Viktor Forgacs on Unsplash

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