Category Archives: Cryptocurrency Exchanges

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KuCoin Explores Series A Funding, Raising $20 Million Investment

KuCoin has received a funding investment of USD 20 Million during a Series A funding. The cryptocurrency exchange launched in 2017 and currently has over 5 million registered users and supports about 403 trading pairs with a 24-hour trading average of over USD 31.6 million.

It announced that agreements have been reached by three venture capitalists – Matrix Partners, IDG Capital, and Neo Global Capital to invest USD 20 million in the Series A funding round.

The company’s new capital is said by KuCoins executives to be earmarked for investment in KuCoin’s platform 2.0 which is being developed to include improvements such as stop orders and upgraded APIs on the Platform, the release of which has been postponed to the end of Q4.

According to the CEO Michael Gan, this investment would bring about increased customer support, staff support, growth and global expansion into targeted markets including Vietnam, Turkey, Italy, Russia and Spanish-speaking countries, the improvement of its blockchain research, and the upgrade of its already operational blockchain educational system.

In discussing the features of the developing platform, Michael shared that it will be a “dynamic, secure and a malleable trading platform”.

IDG Capital, Matrix Partners, and Neo Global Partners are highly successful firms that have high-valued investments in multiple crypto-related companies.

 

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Survey Attests Crypto Exchanges Want Regulations After All

A recent survey from payment company Mistertango indicates that 88% of cryptocurrency exchanges want regulatory standards for the industry, with 55% in favor of know-your-customer (KYC) policies and anti-money laundering checks on users.

Protection from market volatility

So far, 2018 has seen poor gains compared with the latter half of 2017, while the fear of a market crash and major cryptocurrency devaluation is pushing exchanges servicing the industry in favor of regulations. Some 30% of the survey’s respondents cited a significant crash as the biggest threat facing the market.

While 88% of the exchanges did want regulatory overcite over their own activities, 40% said that actually reducing bank-enforced barriers over cryptocurrency funded accounts would help improve the overall acceptance of the industry; it would certainly make it easier for more people to enter the market.

However, 17% of the exchanges see strict regulations as the biggest threat to the industry, pointing to the need for the approach taken implementing the regulations to be well-informed and not overbearing. It is given the generally reported sentiment that the industry discourages regulations.

Understanding the results

Business Manager at Mistertango, Gabrielius Bilkštys, said in a statement that the survey shows the industry is ”crying out for regulation“, describing uncertainty as the biggest fear, requiring a solution to provide stability. The lack of any regulatory consensus globally only adds to this dilemma, making it nearly impossible for cryptocurrencies to progress such as fiat, Bilkštys said.

CEO of exchange CEX.IO, Oleksandr Lutskevych, also weighed in on the results, saying that the industry has taken the opportunity to finally have its say on regulations. Lutskevych noted the widely reported claims that they do not want such regulations has been proven to be far from the truth and that they, in fact, recognize regulations have the capability to lead to the market maturing and moving away from an accusatory image of involvement with illicit activities.

In total, 24 exchanges took part in the survey, based in Europe, Asia, South America and Oceana, which operate with an aggregate trading volume surpassing USD 100 million.

The results were published by Mistertango on Finextra.

 

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