Is KuCoin A New Legit Crypto Exchange Player By Raising $20 Million?

The Singapore-based exchange KuCoin is in our latest cryptocurrency news – this time for securing a $20 million investment in a funding round that was led by the $20 billion venture capital firm IDG.

A lot of people are asking themselves whether this investment would make KuCoin a decent player and a legit exchange from where more and more people will buy Bitcoin and other altcoins. The CEO of KuCoin, Michael Gan, expressed his excitement following the funding, writing:

“We are extremely excited and appreciative for the opportunity to be partnered with such highly respected investors. It is not only an endorsement of our achievements so far, but also a chance for KuCoin to achieve further success in the future.”

Some of the prominent investors which took part in the funding included IDG Capital, Matrix Partners and NEO Global Capital. According to Gan, this investment will allow KuCoin to continue to grow rapidly in the years to come.

Many are still raising suspiciousness about KuCoin mostly because of the August report by Jackson Wong, a Hong Kong-based journalist, in which he said that the Hong Kong offices of KuCoin are empty and that the listed address on the website had not been occupied by the exchange for at least two years.

KuCoin then officially responded to Wong, explaining that they operate several subsidiaries in many countries such as Hong Kong, the Philippines, China, Thailand – and have more than 300 employees.

With the newly obtained capital, KuCoin is about to release a new version of the platform called KuCoin 2.0 and with that expand its operations throughout Asia and other growing markets.