Kucoin Labs, the investment arm of the Asian exchange Kucoin, has launched a $100 million fund to incubate metaverse-related projects.
As announced by the company, this includes blockchain gaming initiatives, NFT platforms and decentralized platforms.
In addition, support will include direct engagement with selected projects, including advice on branding and marketing and possibly listing on the exchange.
Thus, Kucoin takes its first step to board the metaverse train. But support will not be limited to economic incentives.
This is because the incubated projects will also receive assistance in the form of advice on branding, market management, exposure and other important aspects of starting a business.
At the same time, Kucoin Labs announced that it intends to extend this program to all regions. One of the main goals is to increase the adoption of these technologies in emerging markets such as South America and Africa.
Also, part of these funds will go to education programs for younger generations to explore the metaverse.
“For companies investing in metaverse initiatives, this concept will have remarkable significance in the coming years, enabling activities and options that would be impossible today,” said Kucoin CEO Johnny Lyu.
metaverse
Also according to Lyu, the metaverse will be the next chapter of the internet and will completely change society.
“Metaverse is about to change the way we work, connect, shop, have fun and have social interactions. ‘KuCoin Metaverse Fund’ will be launched to accelerate the evolution of the Internet industry.”
With this, Kucoin joins world giants that are betting big on this new type of social interaction. The list of companies includes Microsoft, Disney and Facebook, which changed its name to Meta.
However, the exchange has a different conception of the metaverse. So, he wants to include privacy measures so that people are safe in the next alternate universe.
According to Lou Yu, head of KuCoin Labs, this metaverse establishes a “dilemma between protecting individual privacy and advancing technology.”
“That’s why the exchange will look at ways to achieve a more privacy-friendly metaverse ecosystem,” he said.
Read also: Real Digital pilot to be released in 2022, guarantees BC president
Also Read: Analyst describes two foolproof rules for making money with Bitcoin
Also Read: Australian Baseball Team Sells All Their Dollars to Buy Bitcoin