KuCoin Labs Launches $100M Fund for Metaverse Projects

The KuCoin Metaverse fund will invest in gaming and NFT projects.

Nov 17, 2021 at 12:50 p.m. UTC
Updated Nov 17, 2021 at 2:44 p.m. UTC

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.

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Tanzeel Akhtar is a CoinDesk news reporter based in Europe.

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