IDG Capital, Matrix Partners, and Neo Global Capital Invest $20 Million USD into KuCoin to Bring Cryptocurrency to the Masses

SINGAPORE, Nov. 14, 2018 /PRNewswire/ -- IDG Capital, Matrix Partners and Neo Global Capital, industry leaders in technology and venture capital investments, jointly announced today a partnership with Singapore-based international cryptocurrency platform KuCoin, to bring cryptocurrency trading into the mainstream world via the KuCoin exchange. IDG Capital, Matrix Partners, and Neo Global Capital have combined to invest a total of $20 million (USD) in KuCoin through this Round A of funding.

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Much like the early days of the Internet, cryptocurrencies bring as much hope as they do risk, with more than a thousand cryptocurrencies and initial coin offerings (ICO) having flooded the market. Moreover, the World Economic Forum in 2018 estimates that by 2027, 10 percent of global GDP will be stored on blockchain technology.

The partnership meets a critical market need and leverages key strengths of each partner — from IDG Capital's marketing power, Matrix Partners' resources and support, to Neo's leadership in the early investing of the most promising blockchain projects and KuCoin as one of the most advanced trading platforms in the crypto industry — to make KuCoin a global household brand. The exchange has already attracted more than five million registered users with its sights set on becoming the market leader in the blockchain industry. This investment in KuCoin will create more secure, widespread global access to this rapidly expanding technology market. 

"This is truly a dynamic and significant partnership," said KuCoin CEO Michael Gan. "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." 

A fully-intended byproduct will be to aggressively promote blockchain technology for everyone. "I believe one day everything will function with blockchain technology," Gan said.  "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."