KuCoin has successfully managed to raise S$27.5 million (US$20 million) in a series A funding. The Singapore-based virtual currency platform, which started in September 2017, is planning to launch Platform 2.0 early next year. The new funding will help the company to hire more customer support staff to improve its customer service.
IDG Capital And Other Companies Help KuCoin Raise $20 Million
KuCoin Cryptocurrency platform, which became operational in September 2017 has managed to raise S$27.5 million (US$20 million) in a Series A funding. On Thursday, the Singapore-based Cryptocurrency platform said that this Series A round of financing attracted companies such as Ne Global Capital, Matrix Partners, and IDG Capital.
Since its launch, KuCoin has been providing exchange services that have enabled its customers to buy and sell different Cryptocurrency securely and efficiently. The exchange has over five million registered users. “The People’s Exchange,” as it commonly calls itself is hopeful that it will be a global leader in the sector.
Partners To Benefit From Each Other
KuCoin is expected to benefit from the key strengths of each of its new partners. The Cryptocurrency platform is expected to benefit from IDG Capital’s marketing power. Neo Global Capital is known for investing in budding Crypto and blockchain projects. Matrix Partners is expected to provide the necessary resources and support. The three venture capitalists also stand to benefit from KuCoin as it is considered one of the most advanced virtual currency trading platforms.
IDG Capital’s partner Young Guo got a chance to talk about the new partnership. He said that since 2012, IDG Capital has been involved in various Crypto-related businesses. He added that they believe that blockchain technology will get more areas of application in the future. That is why they have been active to ensure that legitimate projects that use the technology get noticed.
KuCoin’s Future Plans
According to KuCoin CEO Michael Gan, the Cryptocurrency platform will rely on the new partners in their plans to drive the growth of the firm and enter new markets. In the first quarter of next year, the company plans to introduce its Platform 2.0. The new version will provide more features to its customers that include stop orders. Moreover, the firm’s application programming interfaces (APIs) will be upgraded.
KuCoin is also planning to improve its customer care services. To achieve this, the firm is planning to hire more customer support staff. This will enable the exchange to concentrate on target markets. Furthermore, the firm will be able to concentrate on researching new altcoin ventures with solid growth potentials and that promise to provide real-world solutions to existing problems.
KuCoin runs a Blockchain Training Center where it equips its employees with the necessary skills to enhance its growth. The company is planning to pump more funds into the project, given that a lack of experienced staff is a major challenge in the Crypto sector.
Mr. Gan added that the new partnership is expected to enhance KuCoin’s goal of promoting blockchain technology. He said that he believes in the coming years, blockchain technology will be used in every sector. He also noted that the new partnership will enable the company to dig deeper especially in identifying new opportunities.