KuCoin launches $100M Venture Capital Fund to strengthen early-stage Metaverse projects

On Wednesday, KuCoin Labs, the firm that runs one of the largest cryptocurrency exchanges by trading volume with a listing of over 500 cryptocurrencies, announced that it is going to launch a $100 million fund to strengthen early-stage Metaverse projects. 

The company further clarified that this money will also be available for those who are developing blockchain-based games, non-fungible tokens (NFTs), and decentralized systems. It also said that it would provide services related to business incubation, branding, incentives, and business collaborations for the selected developers. 

The Chief Executive Officer (CEO) of KuCoin, Johnny Lyu, said that the aim behind the Metaverse funding is to accelerate and intensify the Internet industry’s evolution. He expressed his hope to mature the emerging industry by empowering the applications of blockchain technology in the projects on the concept.

The head of the crypto exchange Lou Yu stated:

“The concept of metaverse has been at the theoretical level since it was proposed last century. It was not until the birth of the blockchain that it became the next migration destiny for mankind.”

Metaverse market going to touch $1.5 trillion by 2030

The metaverse (or augmented virtual reality with its own virtual economy) has been grabbing the headlines since Facebook’s announcement on rebranding itself as Meta in October, focussing on its development. As TheCoinRise reported, after some days, multinational software company Microsoft jumped into the Metaverse world by integrating the concept in its Xbox upgrades and Team updates. 

Animoca Brands recently announced its Metaverse participation while unveiling its plans on building a K-Pop NFT metaverse. Recently, as TheCoinRise reported, the company’s CEO and NFT enthusiast Yat Siu said that NFTs are a new way to preserve our culture.

The total addressable Meta market is speculated to grow by more than $1.5 trillion by the end of 2030 as more and more international brands step in.