KuCoin announces $100M fund, plans to invest in the metaverse

This is the 2nd measurement by KuCoin into the metaverse pursuing its motorboat of a virtual bureau connected a Bloktopia-based skyscraper earlier this month

On Wednesday, the KuCoin speech revealed that its subsidiary KuCoin Labs would motorboat a money focused connected the metaverse.  Kucoin Labs, the helping that deals with concern and probe related to blockchain, volition negociate the fund, which has been labelled the 'KuCoin Metaverse Fund.' The speech explained that the money would tally with a $100 cardinal backing.

All astir the $100 cardinal KuCoin Metaverse Fund

Commenting connected the launch, KuCoin said that it plans to put the funds successful young and increasing projects successful the metaverse. The speech besides plans to concern projects successful GameFi, non-fungible tokens (NFTs), among different innovative initiatives. The targeted sectors and projects volition besides person full-fledged enactment from the Seychelles-based speech connected incubation, marketing, branding, partnerships, and marketplace concern successful summation to the capital.

Further, KuCoin CEO Johnny Lyu noted that the KuCoin Metaverse Fund would besides assistance successful processing the net industry. He added that by expanding the usage cases of blockchain exertion into metaverse projects, KuCoin would assistance beforehand the blockchain space. The funds would additionally beryllium utilized to propel large-scale adoption of blockchain much so, successful nascent markets specified arsenic Asia and Africa.

In acknowledging the value of blockchain, the KuCoin Labs brag Lou Yu pointed retired that though the thought of a metaverse was projected successful the erstwhile century, it lone became a world with the emergence of blockchain technology. Lou Yu said that the money would spell a agelong mode successful helping make a protected and backstage metaverse strategy arsenic information and privateness are important elements of specified an ecosystem.

"It was not until the commencement of the blockchain that metaverse became the adjacent migration destiny for mankind. It's nary uncertainty that metaverse volition reverse our lifestyle. However, there's besides a dilemma betwixt idiosyncratic privateness extortion and technological advancement. Therefore, KuCoin Metaverse Fund is acceptable to found a much backstage and unafraid Metaverse ecosystem based connected Web 3.0," the enforcement noted.

Into the metaverse: KuCoin edition

KuCoin has positively taken onto the metaverse, displaying a progressive and affable attack to the ecosystem. The crypto steadfast supports Bloktopia's autochthonal token, BLOK, successful summation to metaverse-targeted blockchain-hosted gaming level Dreams Quest.

At the opening of this month, KuCoin announced its introduction into the metaverse by establishing a virtual bureau connected decentralized metaverse Bloktopia. The speech explained that successful the meta office, users would beryllium capable to spot virtual furnishings and looping metaverse videos, bask a VR experience, decorate cyberpunks, and interact (chat and voice) with others.