Crypto exchange KuCoin has raised $150 million in a preliminary Series B funding round. The company’s valuation has reached $10 billion following the funding round.

The round was led by Jump Crypto. However, other participants include several venture capital funds, including Circle Ventures, IDG Capital and Matrix Partners.

The exchange has reported that it will use the funds to expand its product line beyond centralized services. In particular, the exchange intends to enter the DeFi and NFT markets through its investment divisions.

Part of the funding will also be directed to the development of infrastructure and applications on the KuCoin Community Chain blockchain.

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