From being accused of operating an exit scam to recently raising millions in their first round of funding, KuCoin has come a long way in just a few months.
The cryptocurrency exchange, which is based in Singapore, has previously been suspected by some of being a scam due to a misunderstanding relating to the location of their physical offices. On the back of this, the exchange went on to launch their institutional investor program, which appears to be bearing some lucrative fruit.
According to Digital News Asia, KuCoin raised $20 million in the first round of funding, which was led by IDG Capital, Matrix Partners, and Neo Global Capital (NGC). However, these companies are providing more than just money. A successful and long-term collaboration between these four platforms involves drawing on the strength of each one.
Growth through Collaboration
IDG Capital will offer their extensive marketing experience, Matrix Partners will provide resources and support while NGC will offer their keen eye for spotting innovation in the blockchain sphere. Lastly, KuCoin will be able to be that secure and trustworthy vehicle that will, hopefully, push global adoption through their services and offerings.
The exchange’s CEO, Michael Gan, explained this collaborative approach a bit more:
This is truly a dynamic and significant partnership. The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help KuCoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.
The company also has a focus on the growth of blockchain technology, the latter of which is already being integrated into a range of industries including energy and art. Gan added:
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.
KuCoin Eyes a Bright Future
KuCoin aims to continue this approach of working together with companies to realize even more of their goals, one of which is being one of the world’s leading exchanges. Gan concluded that this, “more than anything else, is why ‘The People’s Exchange’ team will continue to evolve and form additional partnerships that will benefit users in every market”.
Other goals include continuing their focus on blockchain as well as growing talent in the industry. This is why they opened a blockchain center in the Philippines this year and aim to open even more training centers all over the world in 2019. The exchange is also planning to launch the KuCoin Platform 2.0 within the first quarter of next year which will offer even more flexibility and security.
While currently servicing clients in Hong Kong, Singapore, Thailand, and the Philippines, KuCoin has plans to expand to Vietnam, Turkey, Italy, Russia, and all Spanish-speaking countries soon. Their recent $20 million fund injection should definitely help in achieving these goals.
Do you think that KuCoin has the potential to be a leader in the crypto exchange sector? Let us know in the comments below!
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