Cryptocurrency News

KuCoin launches $100 million fund to develop metaverse projects

  • The crypto exchange has launched a $100 million fund to support teams looking to develop Metaverse projects
  • KuCoin is no stranger to the Metaverse and recently opened a virtual office on Bloktopia's platform
  • Interest in investing in metaverse projects has increased significantly

KuCoin Labs has announced a $100 million Metaverse fund to help develop and support early-stage Metaverse projects.

KuCoin Labs wants to support more than just metaverse projects

The crypto exchange has launched a $100 million fund to support teams looking to develop Metaverse projects. The KuCoin Metaverse Fund will also support protocols from GameFi, NFTs, decentralized infrastructure, and more. The fund will not only provide $100 million for various projects, but also promises “comprehensive support and incentives related to incubation, primary market investment, business partnerships, branding, market management, and go-to-market strategies.” It will also promote mass adoption of blockchain technology, focusing on emerging markets such as South America and Africa.

KuCoin Labs was founded in May 2018 and supported early-stage projects. KuCoin Labs now has a portfolio of more than 50 projects, including Arweave, MultiVAC, CertiK, OneLedger, LUKSO, and Ankr. “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 technology to the metaverse projects,” said Johnny Lyu, CEO of KuCoin.

Interest in the metaverse is growing

KuCoin is no stranger to the Metaverse and recently opened a virtual office on Bloktopia’s platform that is designed like a skyscraper. The virtual building has 21 different floors in recognition of its total supply of 21 million Bitcoin (BTC) and is expected to host other content creators, including Polygon and Avalanche. According to the exchange, the Meta Office will allow users to decorate cyberpunks, interact with virtual furnishings, and chat and talk to each other in the virtual environment.

The idea of a Metaverse has been around for a long time, but since Mark Zuckerburg announced that Facebook would rename itself Meta and focus on a digital world, interest in it has grown. It was already common for blockchains & exchanges to launch funds that invested in DeFi, but recently Metaverse funds have become more popular. Blockchain firm Enjin, for example, formed a $100 million fund to support projects in its ecosystem focused on developing a decentralized metaverse, and The Sandbox recently raised $93 million in a Series B funding round led by Softbank to further develop its open metaverse.

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About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and blockchain startups.

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