This is the second step by KuCoin into the metaverse following its launch of a virtual office on a Bloktopia-based skyscraper earlier this month
On Wednesday, the KuCoin exchange revealed that its subsidiary KuCoin Labs would launch a fund focused on the metaverse. Kucoin Labs, the wing that deals with investment and research related to blockchain, will manage the fund, which has been labelled the ‘KuCoin Metaverse Fund.’ The exchange explained that the fund would run with a $100 million backing.
All about the $100 million KuCoin Metaverse Fund
Commenting on the launch, KuCoin said that it plans to invest the funds in young and growing projects in the metaverse. The exchange also plans to finance projects in GameFi, non-fungible tokens (NFTs), among other innovative initiatives. The targeted sectors and projects will also receive full-fledged support from the Seychelles-based exchange on incubation, marketing, branding, partnerships, and market investment in addition to the capital.
Further, KuCoin CEO Johnny Lyu noted that the KuCoin Metaverse Fund would also help in developing the internet industry. He added that by expanding the use cases of blockchain technology into metaverse projects, KuCoin would help advance the blockchain space. The funds would additionally be used to propel large-scale adoption of blockchain more so, in nascent markets such as Asia and Africa.
In acknowledging the significance of blockchain, the KuCoin Labs boss Lou Yu pointed out that though the idea of a metaverse was proposed in the previous century, it only became a reality with the emergence of blockchain technology. Lou Yu said that the fund would go a long way in helping create a protected and private metaverse system as security and privacy are significant elements of such an ecosystem.
“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,” the executive noted.
Into the metaverse: KuCoin edition
KuCoin has positively taken onto the metaverse, displaying a progressive and friendly approach to the ecosystem. The crypto firm supports Bloktopia’s native token, BLOK, in addition to metaverse-targeted blockchain-hosted gaming platform Dreams Quest.
At the beginning of this month, KuCoin announced its entry into the metaverse by establishing a virtual office on decentralized metaverse Bloktopia. The exchange explained that in the meta office, users would be able to see virtual furnishings and looping metaverse videos, enjoy a VR experience, decorate cyberpunks, and interact (chat and voice) with others.