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.

Crypto Exchange ProBit Aims to Distinguish Itself from Other Platforms

The world of finance is changing, interest in cryptocurrencies is growing and new opportunities are being presented. This includes the number of crypto exchanges seen on the market.

Yet, what makes one exchange different from another? And how can a person be sure that they have the best security in place for traders to exchange their digital assets?

In order to take the guesswork out, the ProBit crypto exchange is aiming to distinguish itself away from the numerous platforms already on the market.

According to its whitepaper, it has sought to build an exchange that will be “the most global, professional, and secure digital asset exchange for traders.” It states that 95 per cent or more of digital assets on ProBit will be stored in a cold wallet. Data is stored with the strongest encryption algorithm and is supports FIDO U2F hardware security keys and software-based two-factor authenticator (2FA).

ProBit, which states that it can handle up to 1.5 million transactions per second, will support five crypto assets as base currencies: Bitcoin, Ethereum, Tether (USDT), EOS, and its native ProBit token (PROB). In total, though, the ProBit platform will support 150 or more cryptocurrencies and several hundred trading pairs when it launches.

To see a demo of how the platform works, see this link here.

ProBit is currently undergoing its pre-sale, which is due to finish the 30th November. The main crowdsale will proceed from 30th November to 30th December. Those interested in taking part, first need to open an account before making a deposit, which they can do so here.

The main usage of PROB is to pay for fees on the ProBit exchange. There will be a limit of 200 million PROB tokens issued: 20 million (10%) will be allocated to the private sale, pre-sale, and IEO; 100 million (50%) is for trade mining; 40 million (20%) for the ProBit team (with a long lock-up); and 40 million (20%) for strategic reserves. Strategic reserves require majority motion by all PROB token holders to be unlocked.

After the launch of the ProBit exchange, PROB will enter the trade mining period. The whitepaper states: “During this period, for qualified transactions at ProBit, PROB worth 80% of the trading fee based on the market price of the PROB will be mined and issued to the trader as a reward.”

Following the launch of the exchange there will also be a repurchase program of the PROB tokens. ProBit will use 20 per cent of profits to repurchase the tokens at the exchange. The frequency of this will be announced on the exchange’s website. However, it will continue until 50 per cent of the total number of PROB tokens have gone through the repurchase program. Stored in a cold wallet, they will be used as insurance in case of situations that are out of ProBit’s control.

According to the ProBit team, they are not using their own PROB tokens for the bounty and marketing spend, but rather USDT ,EOS & XRP. By purchasing the PROB token, a user has access to a number of benefits. These include trading fee discounts, voting rights for listing new tokens, increased referral bonus, and early new features.

With the launch of ProBit coming up, it’s hoping to change the way people access cryptocurrencies by offering an improved trading platform built for professionals and rewarding their users. Check out the site for yourself and read more about their crowdsale.

Japanese Regulatory Body FSA Mulls over Monitoring Cryptocurrency Wallets

Source: btcearn

The Japanese regulatory body Financial Services Agency (FSA) will now shift its radar to cryptocurrency wallets, after regulating exchanges. The decision was arrived at, earlier on Friday, after the FSA held a deliberation joint meeting on Monday to discuss the Japan cryptocurrency market and regulations. The minutes of the meeting conveyed that there was a need to regulate cryptocurrency wallets and the companies offering them.

According to a report by news portal, Bitcoin.com, new businesses carrying out cryptocurrency-related activities in the country need to register as crypto exchanges with the FSA. The portal further quoted a local media outlet as saying, “Wallets are like bank accounts that store virtual currencies. While wallet service providers handle large amounts of virtual currencies like exchange companies, they are not targeted by laws and regulations.”

The FSA further went on to explain that currently wallets do not engage in buying and selling; they merely hold and manage transfers for their customers who are registered with the site. Since the companies manage funds, the body believes wallets are subject to regulations. In the minutes, the regulations for wallet services will be in accordance with the international standards for preventing money laundering and terrorism financing set by the Financial Action Task Force (FATF). The FATF has stated that some of the notable risks include, wallet failures, cyber attacks and money laundering.

The FSA outlined some of the probable regulatory measures such as maintenance of internal control systems, separate management of cryptocurrencies belonging to the service providers and customers, audits of financial statements, publication of policies in the event of stolen funds in a hack and retaining funds to repay customers, the news portal reported.

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.