The venture division of the KuCoin cryptocurrency exchange has announced the creation of a $100 million fund. The structure will provide funding for metaverse-oriented projects.
Thus, early-stage startups from emerging economies, primarily from Africa and South America, will receive funds.
In addition to metaverses, the foundation focuses on supporting projects in the field of GameFi, non-fungible token (NFT) and dApps. Part of the funding will go to educational initiatives.
Facebook’s recent rebranding to Meta
Participants of the KuCoin Metaverse Fund will be able to count on: assistance in launching the project; investments in the primary market; branding and marketing support; development of a market entry strategy.
Recall that previously in November, the Enjin blockchain company announced the launch of a $100 million fund to create a metaverse with NFT. Enjin launched the Efinity platform on the Polkadot network in earlier March. After raising $18.9 million in a round involving Crypto.com. The firm received funds through the private placement of Efinity tokens (EFI).
Furthermore, the company noted that after Facebook’s recent rebranding to Meta, many companies, including Microsoft and Electronic Arts, announced plans to integrate NFT and create a metaverse.
Focusing on the metaverse
Earlier, Alan Howard and CMT Digital supported the fund of the investment company Sfermion for $100 million, also with a focus on the metaverse. Prior to that, Sfermion launched Fund I, which focused on direct investments in the NFT sector. The new Fund II “aims to create a reliable investment portfolio that supports the development of the metaverse,” the company said.
In the same days, The Sandbox platform attracted $93 million from Vision Fund 2 (SoftBank) and other investors for similar purposes.
The company plans to expand its open metaverse with games, live concerts, and social interactions; while “supporting more creators and involving more brands and intellectual properties,” according to the announcement.