KuCoin Labs Launches $100 Million Venture Capital Fund To Empower Early-Stage Metaverse Projects

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KuCoin Labs, the company behind the world’s sixth largest cryptocurrency exchange by volume of transactions with more than 500 listed crypto assets, announced on Wednesday that it will launch a $ 100 million metaverse fund. for early stage projects. The money is also available for entities that develop blockchain-based games, non-fungible tokens, and decentralized applications. In addition, Kucoin will also provide business incubation services, branding, incentives and business partnerships for the developers selected in the fund.

Johnny Lyu, CEO of Kucoin, said the following in a prepared statement obtained by Cointelegraph:

“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 technology to metaverse projects. “

Lou Yu, Director of KuCoin Labs, added:

“The concept of the metaverse has remained at the theoretical level since it was first proposed in the last century. It was not until the birth of the blockchain that the metaverse became the next migratory fate of humanity.”

The concept of metaverse, or augmented virtual reality with its own digital economy, has been gaining traction since Facebook rebranded itself as Meta last month to focus on its development. Soon after, Microsoft ventured into the metaverse with team updates and Xbox upgrades. Next, Animoca Brands unveiled their plans for an NFT K-pop metaverse. As more global brands gain a foothold, the total addressable market for the Metaverse is expected to reach over $ 1.5 trillion by the end of 2030. Meanwhile, debates are ongoing as to whether the metaverse must be centralized or not.