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KuCoin Launches $100 Million Fund, Joins the Metaverse Race

The favored digital asset buying and selling venue has launched a $100 million fund to give attention to supporting groups desirous to develop metaverse initiatives. Dubbed the KuCoin Metaverse Fund, it would additionally incubate protocols from GameFi, NFTs, decentralized infrastructure, and extra.

KuCoin’s $100M Metaverse Fund Arrives

The press launch seen by CryptoPotato reads that the change, via its funding and analysis arm – KuCoin Labs, desires to delve into the event levels of arguably the most popular development now – the metaverse.

Other than allocating $100 million to varied initiatives, the fund promised to supply “full-scale help and incentive by way of incubation, major market funding, enterprise partnership, branding, market administration, and go-to-market technique.”

It’ll additionally promote the mass utilization of blockchain know-how, with the first give attention to rising markets like South America and Africa.

Kucoin’s CEO, Johnny Lyu, described the metaverse as the following chapter of the Web, which is “poised to alter the best way we work, join, store, entertain, and have social interactions.”

Consequently, the brand new fund will purpose to “speed up the evolution of the Web business. We hope to mature the rising blockchain business by additional strengthening the applying of blockchain know-how to the metaverse initiatives.”

The Rising Metaverse Development

As talked about above, the metaverse thought has skyrocketed in reputation in current months, particularly after Mark Zuckerberg’s determination to rename the corporate behind the social media big Fb to Meta. It got here as a shock to many, however the billionaire asserted that it’s going to enable the agency to focus extra on growing the metaverse.

Other than KuCoin’s new fund, quite a few different cryptocurrency-based initiatives have introduced intentions to enter the metaverse in some kind.

The NFT funding firm Sfermion was among the many first because it raised $100 million via a number of high-profile institutional traders and VCs to get into the metaverse.

Shortly after, the blockchain-powered gaming platform Enjin went with KuCoin’s route by forming a $100 million fund to help the event of a decentralized metaverse.

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