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 funds can be used to fund decentralized platforms, NFT platforms and blockchain gaming initiatives. This support will include direct involvement in the selected projects, as well as counseling regarding 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.

Kucoin’s support is not limited to economic incentives. Incubated projects will receive counseling on branding, marketing management, exposure, and other aspects of starting a business. The company plans to expand the program to other regions. However, the company’s main goal is to increase the adoption of these technologies into emerging markets such as South America and Africa. A portion of the funds will be used to fund education programs that help younger generations explore the idea of the metaverse.

Importance of the Metaverse

Companies investing in metaverse initiatives will find this concept to be of significant significance in the future, as it allows for options and activities that are not possible today. Johnny Lyu, Kucoin CEO, stated that the metaverse is important for the future.

Metaverse is the next chapter in the Internet’s history. It will change how we connect, shop and entertain, as well as the way that we interact with each other. To accelerate the development of the Internet industry, the ‘KuCoin Metaverse Fund’ will be created.

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.

The exchange however has a different view of the metaverse. They want privacy measures to ensure people are safe in the future alternate universe. Lou Yu, KuCoin Labs’ head, stated that the metaverse creates a “dilemma” between privacy protection and technological advancement. This is why KuCoin Labs will be looking at ways to make the metaverse more privacy-friendly. Solana, FTX, and Lightspeed also established a $100 million blockchain gaming fund in recent weeks.

What do you think about the launch of a $100 million metaverse fund by Kucoin? Let us know your thoughts in the comments below.

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