The well-known crypto exchange, KuCoin, has recently announced the official launch of KuCoin Labs, a research branch and incubator of the KuCoin ecosystem.
As part of their incubator and research arm, KuCoin Labs has set out a $50M dollar fund to seek out and support the development of promising crypto projects.
The launch of this fund follows a series of major funding announcements from crypto companies that indicate the interest and backing behind this incipient industry. DeFi projects in particular are receiving strong investor interest and finance eco-systems such as COTI and Blockchain.com have recently announced successful funding rounds.
KuCoin Labs has established a team of crypto experts from areas such as market research, analysis, investment, and incubation, in order to engage with and support the development of early-stage crypto projects. Building on what was previously the Investment and Incubation Program, KuCoin Labs has two years of existing development and expertise to add to its ecosystem.
Established in 2017, KuCoin has expanded into one of the most well-regarded crypto exchanges. Following their original launch, KuCoin announced successful round A funding of $20 million from IDG Capital and Matrix Partners. At the present time, KuCoin Labs is incubating a series of over 50 reputable projects, with the likes of OneLedger, LUKSO, Arweave, and MultiVAC as part of their portfolio.
The CEO of KuCoin Global commented on the recent success of the company that has led it to expanding its reach:
“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.”
With investor interest at an all time high, exchanges such as KucCoin are expanding their reach and focusing on supporting new blockchain projects to drive forward mass blockchain adoption on a global level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.