Kucoin Launches a $100Million Metaverse Fund
Kucoin Labs, an investment arm of the Investment and Research Arm of global leading exchange KuCoin, announced the launch of “KuCoin Metaverse Fund”.
A $100 million fund will be committed to support and nurture early-stage metaverse, GameFi, NFT, decentralized infrastructure, and innovative projects.
This fund will also support the metaverse education programs to assist the younger generation in exploring its potentials.
KuCoin Labs will also provide full support and incentive in the area of incubation, primary market investment, business partnership, branding, market management, and market strategy.
It aims to also promote adoption from the majority especially in markets like Africa and South America.
Johnny Lyu, the CEO of KuCoin, said;
“As the next chapter of the Internet, Metaverse is poised to change the way we work, connect, shop, entertain and have social interactions. ‘KuCoin Metaverse Fund’ will be launched to accelerate the evolution of the Internet industry. We hope to mature the emerging blockchain industry by further strengthening the application of blockchain industry by further strengthening the application of blockchain technology to the metaverse projects”
KuCoin Labs was founded in May 2018,it is the investment and research force of the kucoin ecosystem.
KuCoin Labs diversifies into projects at an early stage to help more builders achieve sustainable growth and success in the decentralized world. KuCoin Labs currently owns a portfolio of over 50 projects, including Arweave, MultiVAC, CertiK, OneLedger, LUKSO, and Ankr, in sectors such as infrastructure, DeFi, and NFT.
“There’s a dilemma between individual privacy protection and technological advancement. Therefore, KuCoin Metaverse Fund is set to establish a more private and secure Metaverse ecosystem based on Web 3.0.”( Lou Yu, head of Kucoin labs)
KuCoin is a global cryptocurrency exchange for over 500 digital assets. It was launched in September 2017. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 million users in 207 countries and regions around the world. In 2018, KuCoin secured $20 million in Round A funding from IDG Capital and Matrix Partners.
According to CoinMarketCap, KuCoin is currently the third biggest crypto exchange. Also, Forbes named KuCoin as one of the Best Crypto Exchanges for 2021.
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