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Is KuCoin A New Legit Crypto Exchange Player By Raising $20 Million?

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The Singapore-based exchange KuCoin is in our latest cryptocurrency news – this time for securing a $20 million investment in a funding round that was led by the $20 billion venture capital firm IDG.

A lot of people are asking themselves whether this investment would make KuCoin a decent player and a legit exchange from where more and more people will buy Bitcoin and other altcoins. The CEO of KuCoin, Michael Gan, expressed his excitement following the funding, writing:

“We are extremely excited and appreciative for the opportunity to be partnered with such highly respected investors. It is not only an endorsement of our achievements so far, but also a chance for KuCoin to achieve further success in the future.”

Some of the prominent investors which took part in the funding included IDG Capital, Matrix Partners and NEO Global Capital. According to Gan, this investment will allow KuCoin to continue to grow rapidly in the years to come.

Many are still raising suspiciousness about KuCoin mostly because of the August report by Jackson Wong, a Hong Kong-based journalist, in which he said that the Hong Kong offices of KuCoin are empty and that the listed address on the website had not been occupied by the exchange for at least two years.

KuCoin then officially responded to Wong, explaining that they operate several subsidiaries in many countries such as Hong Kong, the Philippines, China, Thailand – and have more than 300 employees.

With the newly obtained capital, KuCoin is about to release a new version of the platform called KuCoin 2.0 and with that expand its operations throughout Asia and other growing markets.

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Two Ohio-Based Companies Officially Paid Taxes With Cryptocurrency

Two companies based in Ohio, United States, have officially paid their taxes using cryptocurrencies according to the State Treasurer Robert Sprague’s announcement on a forum that we are reading more into in today’s crypto news. Ohio is the first state to allow paying taxes with cryptocurrency since November 2018. Sprague explained that the Treasury has collected only two tax payments in cryptocurrency but he didn’t say the amount of the paid taxes. He made clear that the Ohio State Treasury doesn’t manage the cryptocurrencies themselves and they do not accept any other currency than the US dollar explaining that the crypto tax payments are conducted to a specialized crypto platform:
 “We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”
Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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