KuCoin Labs Launches $100 Million Fund to Invest in Metaverse Projects

The investment and research firm “KuCoin Labs” launched a fund of $100 million to invest in metaverse projects. According to Johnny Lyu, CEO of the company, the KuCoin Metaverse Fund will be invested in GameFi and NFTs. The intention is to support projects that develop new use cases and introduce innovative technologies to make metaverse usage possible.

KuCoin Labs has announced a $50 million fund since April and is currently the sixth-largest cryptocurrency exchange by volume. According to the source, the capital would also be dragged by blockchain-based games, NFT projects, and other decentralized apps.

The metaverse space has just begun. Infrastructures and underlying technologies are still under development. This is the second step of KuCoin into the Metaverse following the launch of a virtual office on a Bloktopia-based Metaverse.

The Metaverse Interface is not far different from reality but more convenient in terms of movement and access to services and information. Additionally, to promote the widespread global adoption of the Blockchain in emerging markets such as Africa and South America. We will approach the selection process extremely responsibly because projects will automatically receive the support and attention of our users after receiving the support of our foundation. You will not need a monitor, helmet or keyboard anymore because a device developed by Neuralink is implanted into the brain.

Some may be wary of using Kucoin’s network after a $280 million hack on its crypto exchange last year. Others have since returned the majority of the stolen funds. According to Yu, the newly launched fund should establish a more private and secure Metaverse ecosystem. Our concerns are that security and privacy are key obstacles to its future development, and we should address the problem by supporting the cause. Yu said, There are more than 50 projects. He further said that KuCoin would improve the blockchain space by extending the use cases of blockchain technology into metaverse projects. Additionally, money would be used to propel large-scale adoption of Blockchain more so, in nascent markets such as Asia and Africa.

Blockchain Technology Makes Metaverse Creation Possible:

He explained the application of blockchain technology in the metaverse projects. He stated that Blockchain is the underlying technology that makes Metaverse creation a reality. Blockchain technology will be used for all economics, security, rights, rules and laws.

As the next chapter of the Internet, the Metaverse is poised to change how we work, connect, shop, entertain, and travel. The latest news and insight regarding cryptography can be found in the inbox every evening. KuCoin displays a progressive and friendly approach to the Metaverse. Bloktopia’s native token, BLOK, and Metaverse-targeted, Blockchain hosted crypto firm supports gaming. KuCoin established a virtual office on the decentralized metaverse Bloktopia at the beginning of this month. Users would view virtual furnishings and videos from Metaverse.

Leave a Reply

Your email address will not be published. Required fields are marked *