KuCoin Allocated $100 Million to Metaverse Projects

KuCoin has allocated $100 million to metaverse projects. The $100 million fund was named the KuCoin Metaverse Fund.

KuCoin Labs, the investment and research arm of cryptocurrency exchange KuCoin, has created a $100 million fund to invest in metaverse projects. KuCoin Metaverse Fund will invest in GameFi, NFT and decentralized infrastructure projects. In the statement made by KuCoin, it was noted that the fund will also be used to support the metaverse education program that will help the younger generation discover their potential. Johnny Lyu, CEO of KuCoin, said, "The next chapter of the internet, the metaverse, is poised to change the way we work, connect, shop, play, and socialize. We are launching the 'KuCoin Metaverse Fund' to accelerate the evolution of the internet industry." KuCoin will also support the developers identified under the fund in terms of business development, incentives, branding and partnerships. The recently recognized concept of the metaverse has become even more popular in recent weeks, with Facebook changing its name to Meta.