Singapore Exchange KuCoin Nets $20 Million Investment From Major VC Firms

This article previously stated that KuCoin was based in Hong Kong. It has been updated for accuracy.

Singapore-based international cryptocurrency exchange KuCoin has closed a Series A funding round worth $20 million, the company confirmed Nov. 14.

Led by IDG Capital, Matrix Partners and Neo Global Capital, the funds will go towards the release of KuCoin’s 2.0 platform, expansion into new markets, research and more.

“We will continue to spare no effort in exploring the best hidden gems in the crypto world while growing exponentially on a global scale and, more importantly, solidifying our position as ‘The People’s Exchange,’” officials commented in the release.

Strategically affiliated with Chinese blockchain platform NEO, Neo Global Capital has made various investments in blockchain startups in recent months, including South Korean music project Muzika in September.

Last week, Cointelegraph reported that Singapore Exchange Limited (SGX) along with the Monetary Authority of Singapore (MAS) have successfully tested the use of blockchain technology for tokenized assets settlement.

Last month, Cointelegraph reported that “traditional” venture capital investment in blockchain and crypto firms has almost tripled in the first three quarters of 2018.