KuCoin Labs, the incubation and investment arm of crypto exchange KuCoin, has launched an incubation program with Univers Network to aid the exploration of the Web3 space.
Lou YU, the head of KuCoin Labs, pointed out:
“KuCoin Labs aims to enhance Web-2 entrepreneurs’ understanding and adoption of Web-3. KuCoin Labs is advising Univers Network in various aspects, sharing knowledge regarding Web-3 community incentives, technical structures, business strategy, marketing orientations, fundraising, as well as go-to-market plans, etc.”
As a metaverse infrastructure project aimed at revolutionizing Web3 and empowering communities, Univers Network comprises more than 50 developers currently creating an SDK for metaverse interconnectivity.
The incubation program also seeks to bridge the gap between E-Sports and blockchain technology, given that one of the primary objectives of the Univers Network is the unification of game engines.
Per the report:
“The Univers Network is developing a proprietary mechanism called ‘Choose-to-Earn’, which will connect developers and users while creating value for the user bases of both projects involved. Its Decentralized Publishing Company (DPC) will be launched later this year, with additional projects and development studios to be involved in their ecosystem.”
Through the strategic partnership with Univers Network, KuCoin Labs seeks to have the resources and scalability to be a leading metaverse and innovative infrastructure solution.
Crypto exchange KuCoin has shown its commitment to enhancing Web3 exploration, given that it recently rolled out a decentralized product dubbed KuCoin Wallet, Blockchain.News reported.
The wallet supported multi-chain aggregation powered by the KuCoin ecosystem. As a result, users can create a decentralized account for Web 3.0 in seconds and send, receive, and store BTC, ETH, USDT, USDC, BNB, and more tokens in one place.
KuCoin Labs has announced a $100 million fund to support development of the Metaverse.
In addition to Metaverse projects, the money will also be used to fund Metaverse education programs.
The fund will help expand KuCoin Labs’ existing portfolio of over 50 projects.
Share this article
URL Copied
KuCoin Labs has announced a $100 million Metaverse fund to help develop and support early-stage Metaverse projects.
KuCoin Bets on Virtual Worlds
KuCoin Labs, the investment and research arm of crypto exchange KuCoin, has today announced a $100 million “KuCoin Metaverse Fund” that will help develop various early-stage Metaverse projects. Chosen projects will receive, in addition to money, “full-scale support and incentives in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy.”
Money from the fund will also be allocated to Metaverse education programs, with the aim of attracting new talent to the space. The fund intends to promote Metaverse applications of blockchain technology globally, particularly in emerging markets like Africa and South America.
KuCoin CEO Johnny Lyu praised the Metaverse as the “next chapter of the internet,” capable of changing “the way we work, connect, shop, entertain and have social interactions.” Lyu believes that applying blockchain technology to Metaverse projects will help further the blockchain industry as a whole.
The fund will help expand KuCoin Labs’ existing portfolio of over 50 projects. Additionally, KuCoin Labs say money from the fund could also be allocated to projects and teams not exclusively categorized as Metaverse, but ones that are intimately related, such asGameFi,NFTs, and decentralized infrastructure.
Lou Yu, head of KuCoin Labs, remarked that the concept of the Metaverse might have remained theoretical if it were not for blockchain technology, which he theorized could help the Metaverse become “the next migration destiny for mankind.” Yu, however, cautioned that a balance needs to be maintained between privacy protection and technological advancement, adding that the “KuCoin Metaverse Fund is set to establish a more private and secure Metaverse ecosystem based on Web 3.0.”
KuCoin’s new fund is not the first aiming to bolster Metaverse projects. Earlier in November, Enjin, an Ethereum-based NFT gaming platform, announced a similar $100 million fund to help accelerate development of its own Metaverse projects. Other prominent projects have also secured large amounts of funding, with Metaverse game The Sandbox raising $93 million in its latest funding round led by SoftBank.
Disclosure: At the time of writing, the author of this feature held BTC, ETH, and several other cryptocurrencies.
Share this article
URL Copied
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Facebook Changes Company Name to Meta, Plans NFT Support
Mark Zuckerberg has announced that Facebook will change its company name to Meta, though the company’s signature social media platform will retain the name Facebook. The company’s shares are set…
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
Enjin Allocates $100M to Fund a Metaverse
Enjin has created a $100 million fund for a cross-chain Metaverse it is building on Polkadot. It plans to build an entirely new dedicated blockchain for the project. Enjin Invests…
The Sandbox Leads Metaverse Rally After $93M Funding Round
NFT Metaverse platform The Sandbox has continued to rally following the announcement of a $93 million Series B funding round led by SoftBank’s Vision Fund 2. The Sandbox Hits All-Time…
KuCoin Labs, the company behind the world’s sixth-largest cryptocurrency exchange by trading volume with more than 500 crypto assets listed, announced on Wednesday that it would be launching a $100 million metaverse fund for early-stage projects. The money is also available for entities that develop blockchain-based games, nonfungible tokens, and decentralized applications. In addition, Kucoin will also provide business incubation services, branding, incentives, and business partnerships for developers selected into the fund.
Johnny Lyu, CEO of Kucoin, said the following in a prepared statement obtained by Cointelegraph:
“KuCoin Metaverse Fund will be launched to accelerate the evolution of the Internet industry. We hope to mature the emerging blockchain industry by further strengthening the application of blockchain technology to the metaverse projects.”
Lou Yu, the head of KuCoin Labs, added:
“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.”
The concept of a metaverse, or augmented virtual reality with its own digital economy, has been gaining traction ever since Facebook rebranded itself as Meta last month to focus on its development. Shortly afterward, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. Then, Animoca Brands unveiled its plans for a K-pop NFT Metaverse. As more global brands move in, the total addressable market of the Metaverse is projected to grow to over $1.5 trillion by the end of 2030. Meanwhile, debates are ongoing as to whether or not the Metaverse should be centralized.
Leading cryptocurrency exchange KuCoin today announced the official launch of KuCoin Labs — an incubator and research arm in the KuCoin ecosystem. Introducing the KuCoin Labs In a bid to stay competitive and continue maintaining its position as one of the world’s largest and most prominent digital currency exchanges, KuCoin today unveiled its incubator and
Leading cryptocurrency exchange KuCoin today announced the official launch of KuCoin Labs — an incubator and research arm in the KuCoin ecosystem. Introducing the KuCoin Labs In a bid to stay competitive and continue maintaining its position as one of the world’s largest and most prominent digital currency exchanges, KuCoin today unveiled its incubator and