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Singaporean crypto startup KuCoin secures $20M in Series A round

Nov 15, 2018 05:21 am UTC

Singaporean cryptocurrency platform KuCoin has secured $20 million in a Series A funding round from IDG Capital, Matrix Partners, and Neo Global Capital.

In an online post, KuCoin CEO Michael Gan said:

“We are extremely excited and appreciative for the opportunity to be partnered with such highly respected investors. It is not only an endorsement of our achievements so far, but also a chance for KuCoin to achieve further success in the future.”

Through this partnership, KuCoin said it will benefit from IDG Capital’s marketing power, Matrix Partners’ resources and support, and Neo’s leadership in the early investing of the most promising blockchain projects to position itself as a global household brand. KuCoin said that the investment will “create more secure, widespread global access to this rapidly expanding technology market.”

“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,” Gan said.

Gan listed the key focus areas of the partnership which includes bringing KuCoin Platform 2.0 to life, increased customer support staff to offer concierge-level service to all traders, global expansion by concentrating on targeted markets, and increased research to find the best of the best in blockchain projects, and expansion of education and training to meet demand.

KuCoin said that it will work towards aggressively promoting blockchain technology for everyone. The company is investing heavily in its own Blockchain Training Center, which is now operational.

“I believe one day everything will function with blockchain technology,” Gan said. “And with our newly formed partnerships, we will build on today’s momentum and fulfill this vision. Furthermore, we will now be able to expand our team to dig deeper and find more valuable opportunities even faster and from more places than we can imagine today.”

Regarding its global expansion plans, KuCoin said that Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries will be the main focus for growth in Q4 of 2018 and expects that a total of ten global communities will be up and running by Q2, 2019.

Over time, Gan said, he expects KuCoin to evolve into one of the top exchanges in the world.

“As the industry pushes ahead towards mainstream adoption, it has been increasingly important to NGC that we support globally-minded companies, and we look forward to seeing the impact that exchanges like KuCoin will have on an international scale,” Roger Lim, Founding Partner at NEO Global Capital, said.

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