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KuCoin’s $100 Million Venture Capital Fund Empowers Early-Stage Metaverse Projects

The world’s sixth-largest cryptocurrency exchange through quantity is making its pass into the metaverse.

KuCoin Labs, the organization behind the world’s sixth-largest cryptocurrency exchange via buying and selling volume with greater than 500 crypto tokens listed, announced on Wednesday that it would be launching a $100 million metaverse fund for early-stage projects. The cash is also available for entities that increase blockchain-based games, non fungible tokens, and decentralized applications. In addition, Kucoin will also supply business incubation services, branding, incentives, and commercial enterprise partnerships for builders chosen into the fund.

Johnny Lyu, CEO of Kucoin, said in a organized statement:

“KuCoin Metaverse Fund will be launched to speed up the evolution of the Internet industry. We hope to mature the emerging blockchain industry by similarly strengthening the application of blockchain science to the metaverse projects.”

Lou Yu, the head of KuCoin Labs, added:

“The thought of the metaverse has remained at the theoretical degree given that it was once proposed in the ultimate century. It was no longer until the start of the blockchain that metaverse became the next migration future for mankind.”

The idea of a metaverse, or augmented digital truth with its personal digital economy, has been gaining traction ever since Facebook rebranded itself as Meta last month to focal point on its development. Shortly afterward, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. Then, Animoca Brands unveiled its plans for a K-pop NFT Metaverse. As extra global brands move in, the total addressable market of the Metaverse is projected to grow to over $1.5 trillion by the end of 2030. Meanwhile, debates are ongoing as to whether or not or now not the Metaverse needs to be centralized.

 

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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