Kucoin, one of the largest exchanges in Asia, has hopped on board the metaverse train. Kucoin Labs, the exchange’s investment and investigation division, has created a $100 million fund to invest in metaverse-based projects, including blockchain-based games, decentralized structures, and NFT platforms. Apart from financial support, KuCoin Labs will also provide full-scale support and incentives in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy. Blockchain will be widely adopted in emerging markets like Africa and South America as a result.
This concept will be significant for companies investing in metaverse initiatives in the years to come, enabling activities and options that are not possible today. In regard to the future importance of the metaverse, “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” Johnny Lyu CEO of Kucoin said.
KuCoin Labs was founded in May 2018 and is the investment and research arm of the KuCoin ecosystem. KuCoin Labs assists more builders achieve success and sustainable growth in a decentralized world by diversifying and intensifying investments at an early stage. A portfolio of KuCoin Labs projects includes Arweave, MultiVAC, CertiK, OneLedger, LUKSO, and Ankr, which are in sectors such as infrastructure, DeFi, and NFT. To enable the development of early-stage crypto projects, KuCoin Labs established a $50 million fund in April 2021.
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Besides Bitcoin, other big companies such as Microsoft and Facebook, which recently changed its name to Meta, have already included metaverse elements in their offerings. In the upcoming alternate universe, the exchange wants to entail privacy measures to keep people safe.
In response, Lyu said that this metaverse establishes a “dilemma between individual privacy and technological advancement.” For that reason, the exchange is looking for ways to make the metaverse ecosystem more privacy-friendly. FTX, Lightspeed, and Solana also established a $ 100 million blockchain gaming fund in recent weeks.