KuCoin launches its new incubator and research arm KuCoin Labs
KuCoin, a cryptocurrency exchange backed by IDG Capital Based in the Seychelles capital city Victoria, it has launched its new incubator, research, investment and incubator, Kucoin Labs, to power the development of early-stage cryptocurrency projects.
KuCoin announced the news in a Press release Thursday, April 15. According to the announcement, as a first step, the KuCoin team has established a fund of 50 million to find the next crypto gem and power 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 KuCoin has become one of the most popular crypto exchanges.
The launch of this incubation and research program is not new to the KuCoin ecosystem. The predecessor of KuCoin Labs was the "KuCoin Incubation and Investment 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 been engaged in market research, analysis, investment, and incubation in the cryptocurrency industry for a long time.
Now, portfolio projects from the previous "KuCoin Incubation and Investment Program" will come under the KuCoin Labs umbrella. This means that you now own a portfolio of over 50 projects including Arweave, MultiVAC, CertiK, OneLedger, LUKSO and Ankr, in sectors such as infrastructure, DeFi and NFT.
But the KuCoin Labs program will not only focus on direct funding of early stage projects. “It will further empower the development of high-quality blockchain projects through marketing and public relations support, trade association support, secondary market fast track, blockchain technical support, legal advice, planning business, the design of the token economy and more ”. The program has more ambitious plans for the future.
Johnny Lyu, CEO of KuCoin Global, commented:
“As the cryptocurrency market capitalization surpasses $ 2 trillion, KuCoin has also seen explosive growth. KuCoin's trading volume for the first quarter increased by 465%, and user growth increased by 577%. With the launch of KuCoin Labs, KuCoin will discover more hidden gems in the crypto space and power their development through various KuCoin offerings, including the upcoming KuCoin Community Chain. Together, we will drive mass adoption of blockchain. '
KuCoin currently offers spot trading, margin trading, P2P fiat trading, futures trading, betting and lending to its 6 million users in 207 countries and regions around the world.