Friday, October 7, 2022

KuCoin Floats a $100M Creators Fund for Web3.0 Advancement

Leading crypto exchange app KuCoin through its venture capital arm KuCoin Ventures and its Non-Fungible Token (NFT) marketplace Windvane announced a $100 million fund dedicated to creators in the emerging Web3 era.

The new fund dubbed KuCoin Creators Fund will finance emerging NFT projects in categories like arts, sports, celebrities, profile pictures, Asian culture, and GameFi.

KuCoin will also onboard 99 unique NFT developers to the Windvane NFT marketplace with the new funds as part of an effort to advance the progress of the Web3 recognized as the next iteration of the internet. Windvane currently favors several blockchains like Ethereum, Flow, and BNB Chain.

With the funds, KuCoin takes a giant stride into the metaverse. The fund will in no small measure improve the metaverse ecosystem as it focuses on assisting upcoming artists and creators to display their projects to a much wider audience. It also builds a better decentralized, democratized, open, and balanced NFT marketplace according to Johnny Lyu Ceo at KuCoin as the platform widens its ecosystem in the evolution of the Web3.

The backed projects can also rely on its massive user traffic and community support to build their initial NFT offerings.

Founded in 2017, KuCoin is an international exchange platform with over 10 million users scattered across 207 countries and supports over 600 digital assets. It’s one of the top 5 exchanges as per trading volume.

With its user-friendly platform, it provides safe and convenient exchange services like margins, spot, futures, and peer-to-peer trading as well as staking and lending while charging relatively low fees.

Exchanges join the metaverse

As the demand to join the metaverse continues to heighten, the economy also continues to thrive as the amount of funding channeled to NFT-related projects is also on the increase. Hence, numerous trading platforms enter the space.

Israeli’s trading company eToro through its dedicated platform eToro.art recently launched $20 million to sponsor emerging creators in the space and also acquired blue-chip NFTs.

In a similar fashion, the famed Decentralized Finance (DeFi) exchange protocol Uniswap Labs also announced a new offshoot called Uniswap Labs Venture focused on financing Web3-related projects and startups geared toward the advancement of the underlying technology.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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