$20 million investment sign of trust for KuCoin

An investment of 20 million dollars by some of the biggest investors in the world adds value, trust and legitimacy to KuCoin. The Singapore-based crypto exchange has been criticized in recent months. Some believe KuCoin is faking transactions to create volume. This huge investment adds trust into the organization as it’s led by venture capital firm IDG Capital, together with Matrix Partners and Neo Global Capital.

In August speculation about KuCoin arose, as its Hong Kong office appeared to be empty. Hong Kong-based journalist Jackson Wong revealed that the office has not been occupied for at least two years. The exchange replied that the address is only a mailing address of one of KuCoin’s many subsidiaries.

KuCoin wants to use the newly obtained investment to enhance its exchange, expand its operations in Asia and other major markets, and grow its business in general. A 2.0 version of the exchange is allegedly now in development.

“Based on our newly-formed partnership, we are aiming to take further steps to make KuCoin the best exchange available. This will be done by bringing the KuCoin Platform 2.0 online, expanding to more markets, offering concierge-level customer services, and improving our capacity for researching and nurturing blockchain talents.”

With $25 million trading volume per day and $631 million per month KuCoin is the 50th biggest cryptocurrency exchange on the market. To be an exchange in the top 10, there’s at least $250 million trading volume per day needed, and 5 to 6 billion dollars per month.

Exchanges in the Top 10 are Binance, OKex, Huobi, HitBTC and Bibox. With 17 billion dollars trading volume per month Binance is the biggest, followed by OKex ($14.5 billion) and Huobi ($10.4 billion).

Originally published at NEDEROB.