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The popular digital asset trading venue has launched a $100 million fund to focus on supporting teams wanting to develop metaverse projects. Dubbed the KuCoin Metaverse Fund, it will also incubate protocols from GameFi, NFTs, decentralized infrastructure, and more.
KuCoin’s $100M Metaverse Fund Arrives
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 arguably the hottest trend now – the metaverse.
Aside from allocating $100 million to various projects, the fund promised to provide “full-scale support and incentive in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy.”
It will also promote the mass usage of blockchain technology, with the primary focus on emerging markets like South America and Africa.
Kucoin’s CEO, Johnny Lyu, described the metaverse as the next chapter of the Internet, which is “poised to change the way we work, connect, shop, entertain, and have social interactions.”
Consequently, 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 the metaverse projects.”
The Growing Metaverse Trend
As mentioned above, the metaverse idea has skyrocketed in popularity in recent months, especially after Mark Zuckerberg’s decision to rename the company behind the social media giant Facebook to Meta. It came as a surprise to many, but the billionaire asserted that it will allow the firm to focus more on developing the metaverse.
Aside from KuCoin’s new fund, numerous other cryptocurrency-based projects have announced intentions to enter the metaverse in some form.
The NFT investment company Sfermion was among the first as it raised $100 million through several high-profile institutional investors and VCs to get into the metaverse.
Shortly after, the blockchain-powered gaming platform Enjin went with KuCoin’s route by forming a $100 million fund to support the development of a decentralized metaverse.