Cryptocurrency Exchange KuCoin Secures $20 Million in Series A Funding

KuCoin has secured $20 million in Series A funding as part of the company’s drive for rapid expansion across the globe. The cryptocurrency exchange platform has plans to establish its presence in places in Europe and Latin America.


IDG Capital Leads Funding Round

In a statement published by KuCoin on Thursday (November 15, 2018), the Singapore-based cryptocurrency exchange announced the close of its $20 million series A funding round.

IDG Capital, as well as NEO Global Capital (NGC), and Matrix Partners participated in the funding round. Earlier in the year, IDG Capital also participated invested in COBINHOOD’s DEXON decentralized cryptocurrency trading platform.

All three investors and KuCoin plan to leverage their respective strengths to make the partnership achieve its goals. Speaking to Digital News Asia, Michael Gan, the CEO of KuCoin, said:

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.

KuCoin Expansion Plans

KuCoin’s immediate plans revolve around expansion both in staff strength and operating locations. According to Gan, the investment will give the company the opportunity to expand its team to discover more opportunities in the evolving cryptocurrency ecosystem.

Since beginning operations in September 2017, the cryptocurrency exchange has established offices in Philippines, Hong Kong, and Singapore. There are plans to expand the company’s presence to Russia, Vietnam, Italy, Turkey, as well as a few places in Latin America.

Presently, the platform is ranked 54th in the world based on 24-hour trading volume which currently stands at $16.8 million.

Apart from expanding into other countries, KuCoin is also set to launch the KuCoin Platform 2.0. This upgrade reportedly includes features like improved API and stop orders. KuCoin Platform 2.0 will go live in the first quarter of 2019. Recently, the platform has also listed many cryptocurrency tokens on its platform.

Regulatory Compliance

With its aggressive expansion plans come the need for regulatory compliance. Presently, no global standard exists for regulating the emerging asset class leading to regulatory arbitrage. In the Asia-Pacific theater, for example, countries like South Korea, Thailand, and Japan have followed different paths in their quest to regulate the industry.

In South Korea, the countries regulatory watchdog has its Cryptocurrency Division. Japan recently approved self-regulation for the industry while Thailand has a comprehensive cryptocurrency business legal framework. To navigate the varied regulatory landscape, the company wants to work in tandem with governments and their respective financial regulators.

What do you think about KuCoin’s plans for aggressive expansion given the current state of the cryptocurrency market? Let us know your thoughts in the comment section below.


Image courtesy of Shutterstock.

Switzerland Approves First Bitcoin-Cryptocurrency ETF with Ticker $HODL

The Bitcoin ETF $HODL, offered by Amun Crypto, will begin trading on Switzerland’s Six Swiss Exchange beginning next week. The ETF’s earnings will be linked to five different cryptocurrencies.


The ETF is being offered by Amun Crypto, a U.K. based fintech company. It will begin trading on Six Swiss Exchange next week. Six is Switzerland’s chief stock exchange, as well as the fourth largest in Europe.

According to the Financial Times, the ETF “[…] has been designed to track an index based on the movements of five leading cryptocurrencies.”

Roughly half (48%) of the ETF’s assets will be invested in Bitcoin (BTC) 00. The rest will be put towards bitcoin cash, XRP (30%), ethereum, and litecoin.

New Kid On the Block

Financial Times‘ writer Matt Flood notes that the ETF has been crafted in close accordance with the standards expected from traditional exchange-traded funds. This is according Hany Rashwan, Amun’s top executive.

Rashwan describes the aims of the ETF:

The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments

The Times reports that while competitors like CoinShares and Grayscale exist, they differ in legal form, whilst only being linked to one cryptocurrency. Seeding for the ETF will be fostered by Jane Street and Flow Traders, and it will trade using the ticker $HODL.

The Financial Times highlights the ETF’s arrival amid the lowest drop in BTC price 00 in over a year. The ETF is has been particularly the source of much hype in the cryptocurrency space. An exchange-traded fund product is expected to facilitate institutional buying of bitcoin.

Switzerland seems to be perpetually fixed in the crypto news cycle whether its happenings in Crypto Valley or the present ETF. Progress seems to abound.

In October, Bitcoinist reported on Crypto AG’s recently-granted cryptocurrency asset management license. A month earlier, Bitcoinist also wrote on Switzerland’s status as a top global Bitcoin destination.

What are your thoughts on the Bitcoin ETF $HODL? Share your thoughts below!


Images and media courtesy of Shutterstock, Twitter (@boscryptocnn, @MANT121266), YouTube (ThinkCrypto).

Nvidia Enters a Nosedive After an Underwhelming Third Quarter

Tech company Nvdia has entered a nosedive after Q3 results reveal an underwhelming performance. Nvidia experienced a 19 drop in its stock price.


On Thursday, tech company and chip maker Nvidia experienced a 19 drop in its stock price. The drop comes amid an unfavorable and underwhelming progress over Q3. Despite this NBC reports on Nidia’s earnings report, which indicates that company revenue rose by 21 percent in Q3 “year over year.”

MayDay!

NBC‘s Jordan Novet breaks down the company’s earnings over the quarter:

  • Earnings: $1.84 per share, excluding certain items, vs. $1.71 per share as expected by analysts, according to Refinitiv.
  • Revenue: $3.18 billion, vs. $3.24 billion as expected by analysts, according to Refinitiv.

Nvidia

During Q2, Nvidia also failed to meet the bar set by analysts. In terms of guidance, Nvidia itself

“[…] said it’s expecting $2.70 billion in revenue in the fiscal fourth quarter, plus or minus 2 percent, excluding certain items. That’s below the Refinitiv consensus estimate of $3.40 billion.

Following up on Q4 predictions, Nvidia CFO Colette Cress said, “Our Q4 outlook for gaming reflects very little shipment in the midrange Pascal segment to allow channel inventory to normalize.”

Nvidia CEO

NBC reports that:

It has become less profitable to use graphics processing units, or GPUs, for mining, according to a recent analysis by Susquehanna. To mine cryptocurrency, computers compete to solve complex math problems in exchange for a specific amount of bitcoin or ethereum.

CEO Jensen Huang chimed in on the matter, noting that:

Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected […]

This is according to the Nvidia whos press release be seen via the official website here:

K.O.

NBC noted that Nvidia, “[…] like most other tech stocks, was hit hard in October, which was the worst month for the Nasdaq Composite Index since 2008.

While Q3 revenue has increased overall, Nvidia stock price drops. Perhaps in the near future, a rebound will occur. Until then, time will tell.

What are your thoughts on Nvidia’s drop after Q3? Let us know in the comments below.


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