The press release states that the exchange, through its investment and research arm - KuCoin Labs, wants to delve into the development stages of the hottest trend of the moment - the metaverse.
In addition to allocating $ 100 million to various projects, the fund has pledged to provide "large-scale support and incentives in terms of incubation, primary market investment, business partnerships, branding, market management and marketing strategy".
It will also promote the mass use of blockchain technology, with a primary focus on emerging markets such as South America and Africa.
Kucoin CEO Johnny Lyu described the metaverse as the next chapter of the internet, which "is poised to change the way we work, connect, shop, entertain and have social interactions."
Consequently, the new fund will aim to “accelerate the evolution of the Internet sector. We hope to mature the emerging blockchain sector by further strengthening the application of blockchain technology to metaverse projects ”.
As previously mentioned, the idea of the metaverse has skyrocketed in popularity in recent months, especially after Mark Zuckerberg's decision to rename the company behind social media giant Facebook to Meta. It came as a surprise to many, but the billionaire said it will allow the company to focus more on developing the metaverse.
Aside from KuCoin's new fund, numerous other cryptocurrency-based projects have announced plans to somehow enter the metaverse.
Investment firm NFT Sfermion was among the first as it raised $ 100 million through several high-profile institutional investors and VCs to enter the metaverse.
Soon after, blockchain-based gaming platform Enjin followed the KuCoin lead by forming a $ 100 million fund to support the development of a decentralized metaverse.
And you, have you already entered this sector? Or you just stick to buy Bitcoins on your favorite exchanges? Let us know in the comments section below.
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