International cryptocurrency trading platform KuCoin has secured $20m in its Series A round of funding.
The round was supported by venture capital firms IDG Capital, Matrix Partners and Neo Global Capital.
KuCoin is a cryptocurrency exchange which lets global investors to buy, sell and trade a plethora of digital tokens including Bitcoin, Ethereum, and Eos, among many others. The platform puts a high priority on the quality of projects which is based on research from around the blockchain space.
There have been over five million registered users to the platform since it launched late last year, the company stated.
Alongside the funding, the firms all formed a partnership with KuCoin to support the adoption of cryptocurrency. One of the areas the company is looking to grow its entering new markets, with its eyes on Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries for Q4 2018.
Other goals include the increased level of education and training for consumers, boosting the research of the market to find the best blockchain-based projects and increasing the customer support staff in order to provide concierge-level service to traders.
The capital from the round will be used to build a more secure, widespread global access into the market.
KuCoin CEO Michael Gan said, “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.”
Earlier in the year, Matrix Partners participated in the $15m token sale of Singapore-based blockchain solution Rate. The company offers a platform which lets companies tokenise their assets, and manage a unified identity across different blockchains.
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