KuCoin, a Seychelles-based platform, claims to have raised $150 million from investors for another stage of growth and extension.
This follows Mara’s $23 million investment to expand its bitcoin transaction services across Africa.
According to the company’s press statement, the deal now values the company at more than $10 billion. For reference, this amount is almost equal to all of CEMAC and WAEMU’s cumulative foreign exchange reserves by the end of 2021.
The company’s purpose is to allow the free flow of digital value around the world. KuCoin thinks that technological advancements will transform how people generate and distribute value.
Kucoin utilizes cutting-edge technologies to provide helpful services that will make the blockchain revolution more accessible.
KuCoin is building a community where everyone can gain from growth and have their voices heard as an exchange for, by, and of the people.
According to the company’s announcement, the new capital would help KuCoin to expand its position in Web 3.0, including bitcoin wallets and other decentralized finance solutions, through investment branches such as KuCoin Labs and KuCoin Ventures.
This is the second high-impact financing announcement by an African cryptocurrency company in less than ten days.
Mara, a platform that allows Africans to exchange cryptocurrencies, currently announced that it had received a $23 million investment.
Part of the funds will be used to advise the Central African government on deciding to adopt bitcoin and expand its services, according to the leaders.
Despite KuCoin being based in Africa, it has a broader international reach, with slightly more than 189 million users in 200 countries. The platform also provides bitcoin loan services in addition to traditional cryptocurrency trading.
The company’s goal is far more ambitious. It launched a nearly $100 million venture capital fund through its subsidiary in November to encourage innovation in the sector.
This rising investor interest in bitcoin-related enterprises operating in Africa comes amid tighter regulations in the sector.
The central bank in the CEMAC zone has effectively eliminated any possibility of using cryptocurrency as a medium of exchange.
Uganda’s central bank has also declared bitcoin to be unlawful. The Securities and Exchange Commission (SEC) has tightened the rules for issuing crypto assets and traditional assets backed by cryptos.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates