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BY CNA team - November 16, 2018

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KuCoin raises US$20mil in Series A funding

KuCoin raises US$20mil, to use funding for hiring, expansion and research
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Singapore-based crypto exchange KuCoin has closed a Series A funding round that raised US$20mil.

The firm says in an announcement that investors included IDG Capital, Matrix Partners and Neo Global Capital.

KuCoin says the funding will be used to bring KuCoin Platform 2.0, a redesign of its trading platform, to life. In a Sept 9 update, the firm says the deadline for the platform to launch was the end of the current quarter.

More customer support staff will also be hired to offer “concierge-level service to all traders”.

It says there are plans to expand globally “by concentrating on targeted markets”. TechInAsia says the firm is exploring Vietnam, Turkey, Italy, and Russia as well as Spanish-speaking countries.

It aims to have a total of 10 “global communities up and running by the second quarter of 2019,” the tech news site reports.

KuCoin will also use the funds for research into viable blockchain projects as well as educate and train blockchain talents.

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