Today, the cryptocurrency exchange company KuCoin Labs has announced that it is set to unveil a $100M fund devoted to metaverse projects. According to the Singapore-based company, the projects will go towards non-fungible token (NFT) and play-to-earn (P2E) projects.
Recall that early this year in April, KuCoin Labs first announced a $50 million fund, advertising the investment arm as an incubation program for emerging crypto projects. KuCoin Labs has over 50 projects in its portfolio, including Ankr, MultiVAC, Arweave, CertiK, OneLedger, and LUKSO.
Following a $280 million attack on its crypto exchange last year, some people may be hesitant about using KuCoin’s network. On the other hand, the majority of the stolen cash has since been restored.
The head of KuCoin, Lou Yu, speaking about the newly formed fund, said:
“Establish a more private and secure Metaverse environment based on Web 3.0.”
Reports by CoinMarketCap show that the cryptocurrency exchange company currently sits as the sixth-largest crypto exchange by volume.
Speaking about the concept of the Metaverse, Lou Yu, maintain that:
“The concept of Metaverse has remained at the theoretical level since it was proposed in the last century. It was not until the birth of the blockchain that Metaverse became the next migration destiny for mankind,”
“It’s no doubt that Metaverse will reverse our lifestyle.” He added.
KuCoin is a cryptocurrency exchange founded in September of 2017 and had maintained the position as one of the most famous cryptocurrency exchanges that had weathered market storms and secured its position as one of the crypto-most verse’s important exchanges.