SINGAPORE - Singapore-based cryptocurrency platform KuCoin has raised US$20 million (S$27.5 million) in a Series A round of financing led by global venture capitalists including IDG Capital, Matrix Partners and Neo Global Capital, KuCoin announced on Thursday.
The platform, which opened for trading in September 2017, provides an exchange service for conducting digital asset transactions securely and efficiently. Calling itself "The People's Exchange", it currently has more than 5 million registered users and aims to become the market leader in the blockchain industry.
KuCoin said the partnership will leverage key strengths of each partner - namely IDG Capital's marketing power, Matrix Partners' resources and support, Neo Global Capital's leadership in investing early in the most promising blockchain projects, and KuCoin's position as one of the most advanced crypto trading platforms.
Young Guo, partner at IDG Capital, said: "IDG Capital has been investing in crypto-related companies since 2012 and sees the potential in the blockchain industry as a world changing technology, and we want to continue to be at the forefront of this movement to ensure that legitimate projects led by teams with integrity get noticed."
KuCoin CEO Michael Gan said the partnership will focus on several critical aspects to support KuCoin's growth and broad market access.
Firstly, KuCoin plans to launch its Platform 2.0 in Q1 2019, an improved version of its exchange platform that will have more features such as stop orders and upgraded application programming interfaces (APIs).
It also wants to increase its customer support staff strength to improve its customer relations service, expand globally by concentrating on targeted markets, and invest more in researching new cryptocurrency ventures to provide users with "legitimate blockchain opportunities that offer a real-world solution and solid growth potential".
Finally, noting that the cryptocurrency industry has a severe lack of experienced staff, KuCoin will invest heavily in its currently operational Blockchain Training Center to train and develop the workforce it needs to achieve its growth goals.
Mr Gan said one goal of the partnership will be to aggressively promote blockchain technology for everyone.
"I believe one day everything will function with blockchain technology," he 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."