Cryptocurrency exchange KuCoin has officially closed its Series A round of fundraising at a value of $20 million USD.

The trade exchange based in Hong Kong announced the news in a post on Wednesday. According to the company, the newly completed round was headed up by LDG Capital, Matrix Partner, and Neo Global Capital and the funds are aimed to go to:

  • “Bring KuCoin Platform 2.0 to life
  • Increase customer support staff to offer concierge-level service to all traders
  • Expand globally by concentrating on targeted markets
  • Accelerate research to find the best of the best in blockchain projects
  • Educate and train blockchain talents”

The announcement concluded on a confident note saying that the team “will continue to spare no effort in exploring the best hidden gems in the crypto world while growing exponentially on a global scale and, more importantly, solidifying [their] position as ‘The People’s Exchange'”.

The exchange provided a post which outlines the partnership in more detail:

“The partnership meets a critical market need and leverages key strengths of each partner — the investors’ marketing power, resources and leadership in the early investing of the most promising blockchain projects and KuCoin as one of the most advanced trading platforms in the crypto industry.”

The CEO of KuCoin Michael Gan commented on the new teaming up of companies:

“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.”