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<br>By Medha Singh<br> <br>May 9 (Reuters) – Cryptocurrency exchange KuCoin raised $150 million in a series B funding round led by Jump Crypto, the company said on Tuesday, giving it a valuation of $10 billion.<br> <br>KuCoin, the fifth largest crypto exchange according to data firm CoinMarketCap, has 10 million users in 207 countries.
It plans to use the money to expand its presence in Web3, a utopian version of world wide web that is decentralized and is based on blockchain technology.<br> <br>The Seychelles-based company offers trading services plans to use the funds to expand to crypto wallets, digital finance, non-fungible tokens as well as to build its online community of crypto users.<br> <br>The latest funding round includes investment from Circle Ventures, IDG Capital and Matric Partners.<br> <br>Private investments in crypto firms have exploded in 2022 despite a slump in bitcoin and other assets this year.<br> <br>Venture capital investment in such projects totaled $10 billion globally in the first quarter of 2022, the largest quarterly sum ever and more than double the level seen in the same period a year ago, عملة Oasis Network according to data from Pitchbook.
(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)<br>