Popular digital asset exchange site KuCoin has launched a $ 100 Million Fund to support teams developing metaverse-related projects. Dubbed the KuCoin Metaverse Fund, it will also incubate protocols from GameFi, NFT, decentralized infrastructure, and more.
KuCoin launches $ 100 million Metaverse Fund
According to the press release, KuCoin Labs, the exchange’s investment and research arm, intends to explore the development stages of what is currently the hottest trend – the metaverse.
The fund will allocate $ 100 million for various projects and also provide large-scale support and incentives to incubation, primary markets investment, business partnerships, and branding.
It will promote widespread use of blockchain technology with a focus on emerging markets like South America and Africa.
Johnny Lyu, Kucoin CEO, described the metaverse to be the next chapter on the internet. It “is poised for change the way that we work, connect and shop, entertain, and have social interaction.”
The new fund will therefore aim to “accelerate the evolution of the Internet sector.” By enhancing the use of blockchain technology in metaverse projects, we hope to mature and mature the blockchain sector.
The metaverse is a growing trend
The idea of the metaverse, as previously stated, has seen a surge in popularity, particularly after Mark Zuckerberg’s decision changed to Meta, the name of the company behind the social media giant Facebook. It came as a surprise to many, but the billionaire said it will allow the company to focus more on developing the metaverse.
Aside from KuCoin’s new fund, numerous other cryptocurrency-based projects have announced plans to somehow enter the metaverse.
NFT Sfermion, an investment firm, was one of the first to raise $100 million from a number of high-profile institutional investors.
Thereafter, Enjin, a blockchain-based gaming platform, followed KuCoin lead and created a $ 100,000,000 fund to help develop a decentralized metaverse.
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