Crypto exchange KuCoin valued at $10 billion in latest funding round

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Representation of the cryptocurrency is seen in front of a Kucoin logo in this illustration taken February 9, 2021. REUTERS/Dado Ruvic/Illustration

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May 9 (Reuters) – Cryptocurrency exchange KuCoin has raised $150 million in a Series B funding round led by Jump Crypto, the company said on Tuesday, giving it a valuation of $10 billion .

KuCoin, the fifth-largest crypto exchange according to data firm CoinMarketCap, has 10 million users in 207 countries. He plans to use the money to expand his presence in Web3, a utopian version of the World Wide Web that is decentralized and based on blockchain technology.

The Seychelles-based company offers trading service plans to use the funds to expand into crypto wallets, digital finance, non-fungible tokens as well as building its online community of crypto users.

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The latest funding round includes investments from Circle Ventures, IDG Capital and Matric Partners.

Private investment in crypto companies has skyrocketed in 2022 despite a drop in bitcoin and other assets this year. Read more

Venture capital investment in such projects totaled $10 billion globally in the first quarter of 2022, the highest quarterly sum on record and more than double the level seen in the same period a year ago, according to Pitchbook data.

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Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur

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