KuCoin Labs, the investment and research firm spun out of crypto exchange KuCoin, has launched a $100 million fund to invest in metaverse projects.
- The KuCoin Metaverse fund will be used to invest in GameFi, non-fungible token (NFT) and decentralized infrastructure projects.
- The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. By offering a collective virtual experience, it has introduced new opportunities to creators, gamers and artists.
- Recently, Facebook changed its name to Meta and announced that its metaverse will support NFTs.
- KuCoin said the fund will also be used to support metaverse education programs helping the younger generation in exploring its potential.
- “As the next chapter of the internet, metaverse is poised to change the way we work, connect, shop, entertain and have social interactions. ‘KuCoin Metaverse Fund’ will be launched to accelerate the evolution of the Internet industry,” KuCoin CEO Johnny Lyu said in a statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.