The popular digital asset trading platform has launched a $ 100 million fund to focus on supporting teams looking to develop metaverse projects. Dubbed the KuCoin Metaverse Fund, it will also incubate GameFi protocols, NFTs, decentralized infrastructure, and more.
KuCoin’s $ 100 million Metaverse fund is coming
The press release seen by CryptoPotato reads that the exchange, through its investment and research arm – KuCoin Labs, wants to delve into the development stages of the hottest trend right now – the metaverse.
In addition to allocating $ 100 million to various projects, the fund pledged to provide “large-scale support and incentives in terms of incubation, primary market investment, business partnership, branding. , market management and go-to-market strategy “.
It will also promote the massive use of blockchain technology, with a primary focus on emerging markets like South America and Africa.
Kucoin CEO Johnny Lyu described the metaverse as the next chapter of the internet, which is “about to change the way we work, connect, shop, have fun and have social interactions. “.
Therefore, the new fund will aim 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.
The growing trend of the metaverse
As mentioned above, the idea of Metaverse has exploded in popularity in recent months, especially after Mark Zuckerberg’s decision to rename the company behind social media giant Facebook to Meta. This came as a surprise to many, but the billionaire claimed it would allow the company to focus more on developing the metaverse.
Besides KuCoin’s new fund, many other cryptocurrency-based projects have announced their intention to enter the metaverse in one form or another.
Investment firm NFT Sfermion was among the first to raise $ 100 million from several leading institutional investors and VCs to enter the metaverse.
Soon after, blockchain-based gaming platform Enjin followed KuCoin’s route by forming a $ 100 million fund to support the development of a decentralized metaverse.
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