Venture capital investment firms IDG Capital, Neo Global Capital and Matrix Partners have joined hands with the Singapore-based international cryptocurrency platform KuCoin, aka the People’s Exchange. The three companies have donated a combined total of $20 million to the platform through a Series A funding round and are looking to bring cryptocurrency trading to the masses.
KuCoin CEO Michael Gan commented:
“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.”
Each partner has certain strengths it will bring to the table. For example, IDG Capital boasts marketing power, while Matrix Partners brings resources and support and Neo has invested in several early (and promising) blockchain projects. KuCoin is also one of the most advanced trading platforms in the cryptocurrency space and serves over five million registered customers daily.
The partnership will focus on specific aspects designed to ensure KuCoin’s growth and continued market access. The first is bringing KuCoin 2.0 to life. Expected to go live in Q1 of 2019, the platform is based on information and feedback executives have gathered from users who wish for certain changes and improvements in KuCoin’s operations. KuCoin 2.0 will feature a wide array of new features such as scaling, stop orders and upgraded APIs.
The second aspect will be customer service. KuCoin is hoping to grow its team of customer service professionals to ensure everyone who has questions, concerns or issues are spoken to quickly. Many digital exchanges are known for enforcing long wait times, and KuCoin is aiming to set a new precedent.
Boosting the Company’s Global Influence
Third will be expansion. The company is looking to expand into countries like Vietnam, Russia, Turkey and all Spanish-speaking nations by Q4 of next year. Fourth will be the securing of more funds to potentially invest in new blockchain startups and applications, and last will be employee education.
KuCoin states that there is a significant lack of blockchain talent where it’s headquartered, and the company wants to use any remaining funds to educate workers and establish itself as one of the strongest workforces in the business.
Gan believes the partnership will make KuCoin a household name and bring more security to its protocols. He’s hoping that KuCoin will eventually rise to become one of the top digital exchanges in the world:
“That, more than anything else, is why ‘the People’s Exchange’ team will continue to evolve and form additional partnerships that will benefit users in every market.”
Will the Blockchain Become Mainstream?
He’s also confident the current partnership will lead to further blockchain applications and adoption. He boldly asserts:
“I believe, one day, everything will function with blockchain technology, and with our newly formed partnerships, we will build on today’s momentum and fulfill this vision. Furthermore, we will now be able to expand our team to dig deeper and find more valuable opportunities even faster and from more places than we can imagine today.”
Everything Falls into Place
For Young Guo – a partner at IDG Capital – the company’s work with KuCoin makes “perfect sense”:
“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.”