Kucoin Labs, the investigative and investment arm of Kucoin, a
cryptocurrency exchange, has launched a $100 million fund to incubate
early metaverse related projects. These include blockchain gaming
initiatives, NFT platforms, and decentralized platforms, among others.
The support will also include direct involvement with the projects
selected, including counseling about branding and marketing.
Kucoin Invests in Metaverse
Kucoin, one of the leading exchanges in Asia, has taken the first step to hop on the metaverse train. The investment and investigation arm of the exchange, Kucoin Labs, has launched
a $100 million fund to invest in metaverse-based initiatives, including
blockchain-based games, decentralized structures, NFT platforms, and
other similar projects.
The support of Kucoin won’t be limited to just economic incentives.
These incubated projects will also get help in the form of counseling
about branding, market management, exposure, and other important aspects
of starting a company. While the company aims to extend this program to
all regions, one of the main objectives is to increase adoption of
these technologies in emerging markets like South America and Africa.
Part of these funds will also go to education programs for younger
generations exploring the concept of the metaverse.
Importance of the Metaverse
To companies investing in metaverse initiatives, this concept will
have notable significance in the years to come, enabling activities and
options that would be impossible today. About the importance of the
metaverse for the future, Kucoin CEO Johnny Lyu stated:
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.
Kucoin is just the latest exchange to jump on the metaverse investment bandwagon, with other big companies like Microsoft and Facebook — which changed its name to Meta — already making arrangements to include metaverse elements.
But the exchange has a different conception of the metaverse and
wants to include privacy measures for people to be safe in the upcoming
alternate universe. Lou Yu, the head of KuCoin Labs, stated that this
metaverse establishes a “dilemma between individual privacy protection
and technological advancement.” This is why the exchange will be
studying ways of achieving a more privacy-friendly metaverse ecosystem.
Solana, FTX, and Lightspeed also established a $100 million blockchain gaming fund in recent weeks.
