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KuCoin exchange launches $100m fund to join metaverse frenzy

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TL;DR Breakdown

  • KuCoin exchange invests $100m in metaverse project.
  • Fund would also be for educational programs to attract more talents.
  • More and more firms continue to join the metaverse frenzy.

KuCoin exchange has announced a $100 million Metaverse fund to help develop and support early-stage Metaverse projects. This is as most companies continue to get involved in building the Metaverse.

The platform would also incubate protocols from GameFi, NFTs, decentralized infrastructure, and more.

Apart from financial support, KuCoin exchange would provide full-scale support and incentives in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy for beneficiaries.

Similarly, the KuCoin Metaverse Fund would also be allocated to Metaverse education programs to attract new talent to the space. Primarily, the fund aims to promote Metaverse applications of blockchain technology globally, particularly in emerging markets like Africa and South America.

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.”

Liu believes that applying blockchain technology to Metaverse projects will help further the blockchain industry as a whole.

Metaverse frenzy continues to evolve with KuCoin exchange fund

KuCoin exchange stepping into the metaverse trend indicates that the idea continues to skyrocket after Mark Zuckerberg’s decision to rename the company behind the social media giant Facebook to Meta.

Although many never saw Zuckerberg changing the firm’s name, he insisted it would help the firm 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.

Earlier in November, Enjin, an Ethereum-based NFT gaming platform, announced a similar $100 million fund to help accelerate the development of its own Metaverse projects. Other prominent projects have also secured large amounts of funding, with Metaverse game The Sandbox raising $93 million in its latest funding round led by SoftBank.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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