KCS’s future after the $150M developer support raise?

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kucoin kcs

KuCoin is a large cryptocurrency exchange that enables users to buy, sell and trade cryptocurrencies.

However, alongside the basic trading options, it stands out due to the fact that it offers margin, futures, and peer-to-peer (P2P) trading, where users can also choose to stake or lend their crypto and earn rewards.

This exchange has its own native cryptocurrency, the KuCoin Token KCS/USD, which was launched in 2017 as a profit-sharing token that lets traders draw value from the exchange. 

The $150 million developer support raise as a catalyst for growth

On May 20, 2022, KuCoin announced that it would increase developer support after it raised $150 million.

Specifically, the Seychelles-based crypto exchange will allocate a portion of the exchange’s raised $150 million to support the developers that are working towards the development of the KuCoin Community Chain (KCC) blockchain network and are expanding the technical features.

The funding was raised in a Pre-Series B funding round, which increased the valuation of KuCOin to $10 billion, with a new focus on Web3.

According to the announcement, the funding round was led by Jump Crypto and saw participation from investors such as Circle Ventures, IDG Capital, and Matrix Partners. 

Should you buy KuCoin Token (KCS)?

On May 20, 2022, KuCoin Token (KCS) had a value of $19.32.

kcs usd

In order for us to see what kind of value point this is for the crypto, we’ll go over its all-time high point of value, as well as its performance throughout the previous month.

The all-time high of KuCoin Token (KCS) was on December 1, 2021, when the token reached a value of ​​$28.83. Here we can see that the token was $9.51 higher in value or by 49% at its ATH.

When we go over the performance of the token throughout the previous month, KuCoin Token (KCS) had its highest point of value on April 5 at $21.49, while its lowest point was on April 30 at $17.64.

Here we can see that the token decreased in value by $3.85 or by 18%.

With this in mind, at $19.32, KuCoin Token (KCS) is a solid token to buy as it can reach a value of $25 by the end of June 2022.

The post KCS’s future after the $150M developer support raise? appeared first on Invezz.

from Market Analysis – Invezz

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