KuCoin Archives - 2100NEWS

UrbanNovember 18, 2018

4min403

Singaporean crypto trading platform KuCoin has announced the successful conclusion of a $20 million Series A funding round led by IDG Capital, Matrix Partners and Neo Global Capital.

According to a statement released on November 14, the investment in KuCoin, which already boats some 5 million registered users is intended to enable the platform to “create more secure, widespread global access to this rapidly expanding technology market.”

“Dynamic and Significant Partnership”

Describing the importance of the investment to KuCoin’s future plans KuCoin CEO Michael Gan revealed that as a result of the partnership, KuCoin will be able to achieve a range of desired outcomes including bringing KuCoin Platform 2.0 online sometime in Q1 2019, increasing customer support staff numbers to improve client service efforts, enhancing the platform’s global expansion efforts and supporting research efforts to find the best blockchain projects.

In September, CCN reported that KuCoin expanded into Australia with a $3 million investment in Bitcoin Australia, a regulated Aussie crypto exchange as it seeks to actualise its global growth strategy starting with the Asia-Pacific region. Speaking about the Aussie expansion at the time, Gen describes it as not only a great strategic decision but an excellent long-lasting partnership to help cryptocurrency grow globally.”

Speaking about the funding round, Gan said:

“This is truly a dynamic and significant partnership. I believe one day everything will function with blockchain technology. 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.”

In his reaction, Young Guo, Partner at IDG Capital stated that the investment is in line with IDG’s cryptocurrency and blockchain investment strategy dating back to 2012. The company is famous for being an early investor in Coinbase before the platform grew into the giant it is now. KuCoin will no doubt hope that lightning will strike twice even as Gan further revealed that the company’s customer service team will be expanded to gold standard level, with Q4 2018 growth efforts set to be focused on Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries.

He further revealed that growth projections estimate that ten global KuCoin user communities will be up and running by Q2, 2019 thanks to “targeted marketing and advertising campaigns.” Most interestingly of all, it was also revealed that the KuCoin Blockchain Training Center is already up and running, with the exchange currently waiting for its next overseas expansion effort.


UrbanNovember 16, 2018

6min471

Singapore-based KuCoin, a major crypto exchange with an active and loyal user base, has secured $20 million in a funding round led by $20 billion venture capital firm IDG.

Michael Gan, the CEO of KuCoin, wrote, “Today, we are thrilled to announce that we have closed our Series A Round of Funding, raising $20 million (USD) from IDG Capital, Matrix Partners and Neo Global Capital,” adding that the investment will allow KuCoin to continue to grow rapidly in the years to come.

“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.”

Past Allegations Regarding KuCoin

In August, Jackson Wong, a journalist based in Hong Kong, reported that the Hong Kong offices of KuCoin are empty and that the listed company address on the official website of KuCoin had not been occupied by the exchange for at least two years.

At the time, KuCoin responded to the report of Wong, explaining that KuCoin operates several subsidiaries in many countries including Hong Kong, Singapore, the Philippines, and Thailand, with more than 300 employees.

“There have been rumors that KuCoin’s central office in Hong Kong is empty. In fact, KuCoin’s public address in Hong Kong is merely a mailing address of one of KuCoin’s many subsidiary companies. KuCoin Headquarters is in Singapore. KuCoin has always been a global firm, with over 300 employees and four major offices in China, the Philippines, Singapore, and Thailand,” KuCoin team said in a statement released on the KuCoin subreddit.

kucoin crypto exchange questions

However, despite the clarification offered by KuCoin to justify its deserted Hong Kong office, investors in the cryptocurrency community continued to question the solvency and legitimacy of the exchange’s operations.

Less than three months after the controversial incident, KuCoin secured a high profile funding round from one of the largest venture capital firms in Asia. The exchange’s CEO Michael Gan noted that the exchange had faced hardships and challenges over the past several months, but its active user base and partners have continuously allowed the platform to grow.

With the newly obtained capital, KuCoin is expected to release a new version of the platform called KuCoin 2.0 and expand its operations throughout Asia and other major markets to grow the business.

Crucially, Gan emphasized that the investment from IDG Capital will allow the company to improve its customer service and begin to offer concierge-level customer services in the short-term, competing against exchanges like Bithumb and Upbit in South Korea that offer walk-in services to newcomers in the cryptocurrency exchange market.

“Based on our newly-formed partnership, we are aiming to take further steps to make KuCoin the best exchange available. This will be done by bringing the KuCoin Platform 2.0 online, expanding to more markets, offering concierge-level customer services, and improving our capacity for researching and nurturing blockchain talents.”

KuCoin Can Move On

With sufficient capital to aggressively expand internationally and world-class venture capital firms as its partners, KuCoin has shrugged off its past allegations and has vowed to compete in the highly competitive cryptocurrency exchange market.



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