Cryptocurrency exchange Liquid passes $1 billion valuation, becomes unicorn

The cryptocurrency rush that happened late 2017 saw many cryptocurrencies grow to multi-billion dollar valuations seemingly overnight. With the frenzy going on, anything seemed possible. However, as time passed, that frenzy turned into a prolonged downturn in the market. That does not mean, however, that cryptocurrency projects have been sitting idly by.

Liquid, a cryptocurrency exchange out of the United States, recently raised its Series C funding round, securing a valuation above $1 billion and becoming a so-called unicorn. With the fundraise, the company enters the unicorn cryptocurrency ranks with the likes of Coinbase, which acquired the status back in 2017.

Liquid said the capital will be used to expand into new markets and offer new services, including a platform for security tokens. The current round of financing is the first close of an undisclosed Series C round that remains ongoing, with investors including IDG Capital – an existing investor in Coinbase and KuCoin – and Bitmain, the Bitcoin mining giant.

Read more about the financing round and the newly minted cryptocurrency unicorn here.