KuCoin, an IDG Capital-backed cryptocurrency exchange based in the capital city of Seychelle Victoria, has launched its new incubator, research, investment, and incubation arm, Kucoin Labs, to empower the development of early-stage crypto projects.
KuCoin announced the news in a press release on Thursday, April 15. According to the announcement, as the first step, the KuCoin team has established a 50 million fund to find the next crypto gem and empower the development of early-stage crypto projects.
KuCoin, launched in September 2017, is currently a global cryptocurrency exchange for numerous digital assets and cryptocurrencies and has KuCoin has grown into one of the most popular crypto exchanges.
The launch of this incubation and research program is not new for the KuCoin ecosystem. The predecessor of KuCoin Labs was the “KuCoin Investment and Incubation Program”, which was established in May 2018. KuCoin Labs is the rebranding of that program with the launch of a $50 million fund. According to the exchange, KuCoin Labs will bring together a group of crypto experts who have engaged in market research, analysis, investment, and incubation in the crypto industry for a long time.
Now the portfolio projects of the previous “KuCoin Investment and Incubation Program” will come under the KuCoin Labs umbrella. This means that now possesses a portfolio of over 50 projects including Arweave, MultiVAC, CertiK, OneLedger, LUKSO, and Ankr, in sectors such as infrastructure, DeFi, and NFT.
But KuCoin Labs program will not only focus on direct funding on early-stage projects. It will “further empower the development of high-quality blockchain projects through marketing and PR support, business partnership support, secondary market fast-track, blockchain technical support, legal advice, business planning, token economy design, and more.” The program has more ambitious plans for the future.
Johnny Lyu, the CEO of KuCoin Global, commented:
“As the crypto market cap breaks $2 trillion, KuCoin has also seen explosive growth. KuCoin’s trading volume for Q1 increased by 465%, with user growth increasing by 577%. With the launch of KuCoin Labs, KuCoin will discover more hidden gems in the crypto space and empower their development through various KuCoin offerings including the upcoming KuCoin Community Chain. Together, we will drive for the mass adoption of blockchain.”
KuCoin currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 6 million users in 207 countries and regions around the world.
If you found this article interesting, here you can find more Blockchain and cryptocurrency news