blockworks.co
KuCoin Labs, an investment arm of global cryptocurrency exchange KuCoin, announced the launch of a $100 million fund devoted to early-stage metaverse projects on Wednesday. The capital will also go towards play-to-earn (P2E) and non-fungible token (NFT) projects, according to the Singapore-based company.
“The concept of Metaverse has remained at the theoretical level since it was proposed in the last century. It was not until the birth of the blockchain that Metaverse became the next migration destiny for mankind,” Lou Yu, the head of KuCoin Labs, said in a statement. “It’s no doubt that Metaverse will reverse our lifestyle.”
KuCoin Labs first announced a $50 million fund in April, advertising the investment arm as an incubation program for emerging crypto projects.
Some could be wary of using KuCoin’s network following a $280 million hack on its crypto exchange last year. However, a majority of the stolen funds have since been returned.
Yu said that the newly launched fund should “establish a more private and secure Metaverse ecosystem based on Web 3.0.”KuCoin Labs’ current portfolio consists of over 50 projects, including Ankr, MultiVAC, Arweave, CertiK, OneLedger and LUKSO.
KuCoin’s exchange currently sits as the sixth largest crypto trading platform, according to CoinMarketCap.
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