Cryptocurrency Exchange Kucoin Joins The Metaverse Race With $100 Million Fund
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More companies are joining the race to build the Metaverse and the latest competitor is a cryptocurrency exchange
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KuCoin has launched a $100 million fund to support teams that are focused on developing metaverse projects
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The CEO of the exchange Johnny Lyu has described the metaverse as the next chapter of the internet which is set to alter our lives
Popular digital asset trading platform Kucoin has announced a $100 million fund aimed at supporting teams that want to develop metaverse projects.
Tagged the KuCoin Metaverse Fund, the support will also be extended to protocols from GameFi, NFTs, and other areas.
The company disclosed its new venture via its investment and research arm on Tuesday.
Asides from over $100 million in funds that will be allocated, the company also promised support in terms of primary market investment, business partnership, branding, and marketing.
The exchange also plans to promote the mass usage of blockchain technology in emerging markets such as Africa and South America.
CEO Johnny Lyu expressed excitement about the metaverse, terming it a new chapter of the internet that can alter our mode of connecting, social interactions, shopping, and entertainment.
Read also: Facebook to Invest $10 Billion in Metaverse
Asides from Kucoin, many other crypto currencies-based projects are looking to diversify into the metaverse in some form.
NFT investment company Sfermion has raised $100 million for its metaverse investment while gaming platform Enjin has formed a $100 million fund for the same purpose.
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