KuCoin kickstarts new startup incubation program with a $50 million check
The crypto exchange is finding quality projects to lay long-term bets on.
Crypto exchange KuCoin has launched its new incubation program, KuCoin Labs with the goal of helping new projects and developments flourish early inside the crypto arena.
KuCoin Labs is opening up an incredible $50 million fund to bestow on new startups to help uncover crypto projects that provide deep value to the overall space.
— KUCOIN (@kucoincom) April 15, 2021
This is an excellent development in an arena that badly needs funding. Worthwhile projects have had to compete in a messy environment which has become dirtied by so many scam ICOs taking place. This has led investors to seek returns in other directions.
There is a huge amount of talent buried inside the crypto and blockchain pool and KuCoin Labs objective is to help uncover it, by giving founders much-needed capital, in order to develop and promote their ideas.
Helping startups gain traction
KuCoin Labs gathers a collection of crypto experts who are on call for these startups to gain knowledge and help in boosting their tokenization, market research, marketing, monetization technology and more.
According to the CEO of KuCoin Global Johnny Lyu, now is the best time to help these projects develop as the industry is swiftly growing to a state of mass adoption.
“Kucoin Labs goal is to 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,” he said.
KuCoin, the exchange behind this initiative is one of the most widely used digital exchanges. According to KuCoin, 1 Out of every 4 Crypto holders worldwide uses KuCoin.
KuCoin has seen explosive growth in line with the crypto market passing the $2 trillion level. KuCoin’s saw a trading volume increase in Q1 of 465%, and user growth gaining 577%. To date, IDG-backed KuCoin, which was founded in 2018, has helped 250 new projects to gain traction.