It has just come to light that KuCoin, a Singapore-based crypto exchange that boasts of a large/ loyal customer base, has been able to procure a total of USD $20Mln (in funding) via an event led by VC firm IDG.
In relation to the aforementioned development, Michael Gan, the CEO of KuCoin, was noted as saying
“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,”
Talking about the firm’s future, Gan then went on to add that he is quite confident that moving forward, KuCoin will be able to secure even larger investments and thus establish its position as being one of the world’s premier crypto trading destinations.
A Brief Look At KuCoin’s Recent Past
While this latest development is definitely a good thing for KuCoin, there is no denying that the firm has been involved in certain shady activities over the past year or so. For example, earlier in August, a journo by the name of Jackson Wong, reported that KuCoin’s Hong Kong offices were reportedly unmanned and that the address listed on the official company website had remained unoccupied for more than 2 years.
In response to this, KuCoin posted a statement saying that the firm had subsidiaries in several countries including Hong Kong, Singapore, the Philippines, and Thailand (thus giving the company flexibility in terms of running its overall operations).
“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,”
If that wasn’t enough, just last month, KuCoin representatives noted that the company had been able to secure a ‘high-profile funding round’ from one of the largest venture capital firms in Asia. However, during the episode, CEO Michael Gan ended up admitting that even though the deal was in progress, KuCoin had been facing “several financial hardships and challenges” recently.
With that being said, Gan is now confident that after partnering with IDG Capital, his company will now be able to improve its customer service levels and even offer concierge-level services to premier users (in hopes of providing stiff competition to exchanges like Bithumb and Upbit that also offer new customers with a wide array of walk-in services )
“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.”
In closing, it is worth mentioning that in its bid to expand its operations all across the globe, KuCoin has made a concerted effort to get rid of all the negative allegations that have previously been associated with its name. It now remains to be seen what the future has in store for the premier crypto exchange.