A few years ago, after Facebook announced the creation of its own cryptocurrency, Libra, the move was extremely impactful. It forced China to reveal that it is building its own CBDC, and it caused some of the largest central banks in the world to quickly start doing the same in order to avoid being left behind.
Now, Facebook’s parent company rebranded into Meta, due to the potential that it sees in the metaverse, which is most likely to be the next huge trend in crypto. Ever since it happened, the topic of metaverse never left headlines, even prompting many other companies to join the metaverse race.
The newest one seems to be KuCoin, a popular digital asset trading venue that launched a $100 million-large fund to focus on supporting teams that aim to develop metaverse projects.
What exactly will the fund focus on?
According to the exchange, the fund is known as KuCoin Metaverse Fund, and it will incubate a number of protocols from GameFi, decentralized infrastructure, NFTs, and more.
Also, in addition to distributing the $100 million to a variety of projects, the fund has also promised to provide support and incentive in terms of primary market investment, branding, new partnerships, incubation, market management, go-to-market strategy, and more. Plus, it will be used on promoting the mass usage of blockchain in emerging markets that need it the most, such as Africa and South America.
The exchange’s CEO, Johnny Lyu, believes that the metaverse will be the next chapter of the internet. As such, it is expected to change the way we work, shop, connect to one another, entertain, and alike. The entire Internet industry will see the acceleration of its evolution, likely seeing massive amounts of progress along the way, and bringing some major changes to most, if not all aspects of it.
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