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KuCoin Exchange Raises $20 Million in First Round of Funding

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KuCoin Exchange Raises $20 Million in First Round of Funding

From being accused of operating an exit scam to recently raising millions in their first round of funding, KuCoin has come a long way in just a few months.

The cryptocurrency exchange, which is based in Singapore, has previously been suspected by some of being a scam due to a misunderstanding relating to the location of their physical offices. On the back of this, the exchange went on to launch their institutional investor program, which appears to be bearing some lucrative fruit.

According to Digital News Asia, KuCoin raised $20 million in the first round of funding, which was led by IDG Capital, Matrix Partners, and Neo Global Capital (NGC). However, these companies are providing more than just money. A successful and long-term collaboration between these four platforms involves drawing on the strength of each one.

Kucoin exchange raises $20 million in first round of funding

Growth through Collaboration

IDG Capital will offer their extensive marketing experience, Matrix Partners will provide resources and support while NGC will offer their keen eye for spotting innovation in the blockchain sphere. Lastly, KuCoin will be able to be that secure and trustworthy vehicle that will, hopefully, push global adoption through their services and offerings.

The exchange’s CEO, Michael Gan, explained this collaborative approach a bit more:

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.

The company also has a focus on the growth of blockchain technology, the latter of which is already being integrated into a range of industries including energy and art. Gan added:

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.

Kucoin exchange raises $20 million in first round of funding

KuCoin Eyes a Bright Future

KuCoin aims to continue this approach of working together with companies to realize even more of their goals, one of which is being one of the world’s leading exchanges. Gan concluded that this, “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”.

Other goals include continuing their focus on blockchain as well as growing talent in the industry. This is why they opened a blockchain center in the Philippines this year and aim to open even more training centers all over the world in 2019. The exchange is also planning to launch the KuCoin Platform 2.0 within the first quarter of next year which will offer even more flexibility and security.

While currently servicing clients in Hong Kong, Singapore, Thailand, and the Philippines, KuCoin has plans to expand to Vietnam, Turkey, Italy, Russia, and all Spanish-speaking countries soon. Their recent $20 million fund injection should definitely help in achieving these goals.

Do you think that KuCoin has the potential to be a leader in the crypto exchange sector? Let us know in the comments below!

Images courtesy of Pixabay and Shutterstock.

The post KuCoin Exchange Raises $20 Million in First Round of Funding appeared first on Live Bitcoin News.

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Confideal – More Than Just the Sum of Its Parts

Confideal boasts a vibrant ecosystem where the core features of the integrated platform, such as smart contracts and arbitration, unite to form an application that is far more than just the sum of its parts.

[Note: This is a sponsored article.]

International trade has existed since ships first sailed upon the seas and caravans crossed mountains, but the increasing pace of technological innovation has led to a massive surge in international trade. Contracts and manufacturing details can be hammered out over video conference calls while documents can be digitally signed and sent across the world without a person having to move from their office desk.

Of course, this increased amount of trade can have potential headaches, especially if a dispute arises, which is where Confideal comes into play. Confideal is an integrated platform based upon the Ethereum blockchain that features an amazing ecosystem of core features that helps facilitate trade while reducing costs.

Three Core Pillars

The three core pillars of Confideal are: smart contracts, built-in arbitration, and CDL tokens. A number of platforms offer a single feature or two that international traders might be interested in, but Confideal is unique in that it has created a complete ecosystem composed of individual functions that come together into a harmonious whole.

Smart contracts have been revolutionary in matters of data management, and they offer a tremendous boon to businesses by creating a document that cannot be altered and is openly transparent. Many businesses have failed to take advantage of smart contracts due to the perceived need for programming knowledge and a dedicated online team, but Confideal allows for the creation of Ethereum-based smart contracts without the need for any coding.

Built into the smart contract is the arbitration feature of Confideal. The entity drawing up the contract selects an arbitrator to be used in case of a dispute arises. An important consideration is that all signatories to the smart contract have to agree to the chosen arbitrator.

Legal professionals and firms apply to Confideal, showing their qualifications and credentials, to become arbitrators on the platform. Arbitration takes one of two routes: both parties can agree to abide by the decision of the arbitrator or an arbitrator can come to a conclusion that can then be used in international courts of law for further enforcement.

The final core facet of Confideal is the CDL token, which is the main internal cryptocurrency for the platform. The token was created according to the ERC20 token standard on the Ethereum blockchain and has several uses on the integrated platform.

Bringing It All Together

Each Confideal’s three core features, when viewed independently of each other, is quite beneficial in regards to international trade. However, the symbiotic manner in which they all work together is breathtaking. The features weave together into an intricate dance that reinforce each other and make the overall ecosystem far stronger than each of the individual components.

Merchants can use CDL tokens to generate smart contracts and act as currency for the payment of the contract, which negates the standard 1% fee. These tokens can also be freely exchanged for other ERC20 tokens.

The smart contract, standing alone, is an amazing innovation for trade, but the inclusion of arbitration takes the smart contract to an entirely new level. Merchants not only have a codified document that spells out the conditions of the deal, not to mention the funds held in escrow and that the contract is unable to be illegally modified, but an automatic means for resolving a disagreement that all parties have already agreed upon has been put into place.

The dance between arbitrators and CDL tokens continues in the fact that token holders have a number of votes, based upon the number of tokens held, that can be cast to rank specific arbitrators. Every ten tokens equals one vote, so token holders have the right to directly influence the arbitration aspect of Confideal. However, this influence is not absolute as the smart contract that details the arbitrator has to be agreed upon by all interested parties. Then there’s the fact that arbitrators have no details on the principals of the smart contract, so there’s no undue influence of favoring a side that has given votes to that particular arbitrator.

Each of the core features of Confideal is of great use to merchants, but it’s the combination of all three elements (smart contracts, tokens, and arbitrators) into a cohesive whole that makes the integrated platform far greater than the sum of its parts. Each facet of Confideal reinforces the others, making them stronger and better than they would be on their own. Tokens can be used as payment and to rank arbitrators whilst arbitration is hardwired into the smart contracts that serve as the foundation of the platform. In the end, merchants and arbitrators are united together into working for smooth and seamless international trade just as the distinct features of Confideal are united together to facilitate such endeavors.

Images courtesy of Pixabay, Pexels, and Pxhere.

The post Confideal – More Than Just the Sum of Its Parts appeared first on Bitcoinist.com.

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