According to a press release in News.Bitcoin, KuCoin has secured $20 Million in series A funding.
KuCoin is a developing exchange based in Singapore which is trying to bring cryptocurrency to a mass audience. KuCoin has been active since last September, and boasts over 5 million registered users and a monthly volume of almost $600 million.
This funding is another example of crypto startups foregoing the ICO and using traditional IPOs and Venture Capital investments to get capital. In this case, the funds backing the exchange include IDG Capital, Matrix Partners and Neo Global Capital.
While KuCoin is currently ranked 49th by exchange volume, it has rapidly gained exposure and publicity, and with the completion of its series A funding, has a chance to be a mainstay of the crypto ecosystem for some time.