Crypto exchange KuCoin has closed a $150 million pre-Series B round at a $10 billion valuation, the company confirmed to CoinDesk on Tuesday.
The round, led by Jump Crypto, also saw participation from several investment funds, including Circle Ventures, IDG Capital and Matrix Partners.
"We are pleased to support the company as it continues to grow and expand its offerings in futures and margin trading, lending, staking and passive return generation to support the growth of Web 3.0 and crypto markets," Tak Fujishima, head of Asia at Jump Crypto, said in a statement.
KuCoin would use the funds to expand its product offerings, go beyond its current centralized trading services and increase its presence in the broader Web 3 market, such as building crypto wallets and decentralized financial (DeFi) and non-fungible token (NFT) platforms through its investment arms such as KuCoin Labs and KuCoin Ventures.
"As the Web 3 industry grows rapidly, we see a massive need for new solutions and talent," CEO Johnny Lyu told CoinDesk in a Telegram message. "KuCoin is pleased to contribute financial, technological and human resources to accelerate the exploration and adoption of Web 3.0 technologies."
Some of the funding would also go toward infrastructure and application development on KCC, the public chain built by KuCoin community members.
According to CoinMarketCap data, KuCoin is the fifth largest crypto exchange on the market by trading volume. In November 2018, KuCoin secured $20 million in Round A funding.