IDG Capital, Matrix Partners, and Neo Global Capital, leaders in technology and venture capital investments, jointly announced today a partnership with Singapore-based cryptocurrency exchange platform, KuCoin. IDG Capital, Matrix Partners, and Neo Global Capital have combined to invest a total of USD $20 million (USD) in KuCoin through this Series A round of funding.
The partnership leverages key strengths of each partner — from IDG Capital’s marketing power, Matrix Partners’ resources and support, to Neo’s leadership in the early investing of the most promising blockchain projects and KuCoin, a popular cryptocurrency and altcoin exchange. The exchange has already attracted more than five million registered users.
“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 partnership will focus on several critical elements that will support KuCoin’s growth:
- Bring KuCoin Platform 2.0 to life – The Platform 2.0, which is expected to be live in Q1 2019, will be much more than a single exchange, featuring stop orders, upgraded APIs and dust collector.
- Increased customer support staff to offer concierge-level service to all traders – A primary objective of this new partnership will be to expand the KuCoin customer relations team to high-end standard level.
- Global expansion by concentrating on targeted markets. Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries will be the main focus for growth in Q4 of 2018. Communities in these new markets are already live and will grow dramatically over the year, thanks to expanding targeted marketing and advertising campaigns. It is estimated that a total of ten global communities will be up and running by Q2, 2019.
- Increased research to find the best of the best in blockchain projects – A large portion of the newly secured funds will expand the research team to keep pace with the ever-increasing demand for in-depth research about new cryptocurrency ventures. KuCoin understands its responsibility to provide users with legitimate blockchain opportunities that offer a real-world solution and solid growth potential. By working with its Global Titan Ambassadors, KuCoin will remain true to its core vision of bringing the ‘hidden gems’ of the blockchain industry to its users and investors.
- Education and training will expand to meet demand – KuCoin is investing in its own Blockchain Training Center. KuCoin will use this new investment to train and develop the capable workforce needed to achieve its ambitious growth goals. KuCoin’s Blockchain Training Center is already operational. In the coming months, KuCoin will expand into different countries in which the company either presently has or will soon establish new offices.
“IDG Capital has been investing in crypto related companies since 2012 and sees the potential in the blockchain industry as a world-changing technology and we want to continue to be at the forefront of this movement to ensure that legitimate projects led by teams with integrity get noticed.”