financemagnates.com
KuCoin Labs, the investment and research arm of digital exchange KuCoin, today announced the launch of the $100 million Metaverse Fund. The new fund will support emerging projects in Metaverse along with startups working in NFT and decentralized infrastructure.
KuCoin Labs will also facilitate emerging companies in business partnerships, branding, and market management. According to the company, the main purpose of the latest fund is to promote international adoption of blockchain technology, especially in emerging regions like South America and Africa.
Founded in May 2018, KuCoin Labs provides support to 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,” Johnny Lyu, CEO of KuCoin said.
In its latest review of the third quarter of 2021, KuCoin reported a sharp rise in trading volume as the number jumped by 720% compared to the same period in 2020.
Metaverse
In the latest announcement shared by the company, KuCoin highlighted the adoption of a Metaverse-friendly business model. “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. It’s no doubt that Metaverse will reverse our lifestyle. However, there’s also a dilemma between individual privacy protection and technological advancement. Therefore, KuCoin Metaverse Fund is set to establish a more private and secure Metaverse ecosystem based on Web 3.0,” Lou Yu, the head of KuCoin Labs, said.
In October 2021, KuCoin introduces social trading features on its mobile app.