KuCoin, known to be the world’s sixth-largest exchange by volume, with more than 500 crypto assets listed, is launching a $100 million fund aimed at empowering early-stage metaverse projects.
The money will also be available for entities that develop blockchain-based games, nonfungible tokens (NFT) and decentralized applications. In addition, KuCoin will also provide business incubation services, branding, incentives and business partnerships for developers selected into the fund.
The announcement also mentions that the fund will also support a metaverse education program. It stated, “Moreover, this fund will also support the metaverse education programs to assist the younger generation in exploring its potentials.”
What you should know
A metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. By offering a collective virtual experience, KuCoin has introduced new opportunities to creators, gamers and artists. The Netflix hit movie, ‘ready player one,’ gives a proper description of how a metaverse works.
The fund is also meant to support the global mass adoption of blockchain technology especially in emerging markets like Africa. It stated, “In addition to financial support, KuCoin Labs will also provide a full-scale of support and incentive in terms of incubation, primary market investment, business partnership, branding, market management, and go-to-market strategy. It will promote the global mass adoption of blockchain, especially in emerging markets like Africa and South America.”
The race to deliver the ultimate virtual reality experience is heating up as the concept of a metaverse with its own digital economy, has been gaining traction ever since Facebook rebranded itself as Meta last month to focus on its development. Shortly afterwards, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. After, Animoca Brands, the company behind the SAND token, unveiled its plans for a K-pop NFT metaverse.
What they are saying
Johnny Lyu, CEO of KuCoin, said, “As the next chapter of the Internet, Metaverse is poised to change the way we work, connect, shop, entertain and have social interactions. ‘KuCoin Metaverse Fund’ will be launched to accelerate the evolution of the Internet industry. We hope to mature the emerging blockchain industry by further strengthening the application of blockchain technology to the metaverse projects.”
Lou Yu, the head of KuCoin Labs, added, “The concept of Metaverse has remained at the theoretical level since it was proposed in the last century. It was not until the birth of the blockchain that Metaverse became the next migration destiny for mankind. It’s no doubt that Metaverse will reverse our lifestyle. However, there’s also a dilemma between individual privacy protection and technological advancement. Therefore, KuCoin Metaverse Fund is set to establish a more private and secure Metaverse ecosystem based on Web 3.0.”
As more global brands are buying into the idea of a metaverse, the total addressable market of the metaverse is projected to have grown to over $1.5 trillion by the end of 2030 according to data from PwC.
KuCoin’s native token, KCS, currently trades at $23.48, down 1.28%, as of the time of this writing.
El Salvador Buys Additional 150 BTC as price Falls Below $50,000
Many in the cryptocurrency community are now calling the President of El Salvador a Chief Executive Officer (CEO) as he has managed his country like a CEO would a company. He has now allocated his ‘company’s’ treasury into Bitcoin, as he aims to ‘Buy the dip’, anytime there is a price drawdown in the asset class.
Today ‘CEO’ Nayib Bukele took to Twitter to announce that his ‘company’, El Salvador, just bought an additional 150 BTC, adding to the 100 BTC the Latin American nation bought when Bitcoin’s price fell below $60,000.
He stated, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 #Bitcoin ” He further explained that he missed the bottom as Bitcoin traded as low as $42,874.62 according to coinmarketcap. He stated, “missed the f***ing bottom by 7 minutes.”
What you should know
This purchase puts El Salvador’s Bitcoin reserve at a total of 1,270 BTC, which is worth nearly $61.6 million at the time of writing. On the 26th of November, just 8 days ago, the President announced the purchase of 100 BTC.
The Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.
President Nayib Bukele first announced that El Salvador would be making their first major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. The nation has seen added 1,020 BTC, with the nation buying whenever there has been a major sell off in the price of Bitcoin.
Nayib Bukele has proposed several initiatives in the country around Bitcoin adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.
Since the adoption of Bitcoin as a legal tender, the Salvadoran government has been investing gains onto various infrastructure development projects. In mid-October, the President announced that the $4 million from the profits of their Bitcoin Trust will be used to construct a new veterinary hospital in the capital, San Salvador. Early November, Bukele announced that the surplus earned from the state’s Bitcoin Trust account will be used for constructing 20 new schools.
However, Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs.
Superalgos is the go to hub for day traders – Luis Molina, CEO
The SA token is the native token of the Superalgos platform. It was recently launched on PancakeSwap, a decentralized exchange (DEX), under the ticker ‘SA’. The launch comes after four years of development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on the DEX.
Molina says, “Our token is a community token and it represents how much you have contributed to the project. The difference between the SA token and other tokens is that others use their token to incentivize security for their respective networks while we don’t need security for our network because our token runs on someone else’s network. What we do is we use 100% of the incentivization power of each token to incentivize contribution to the platform. In the first four years, the contribution was in the form of codes to the codebase to create these tools. We are transitioning to allowing people contribute trading intelligence in the form of indicators, strategies and also signals. The platform will be set up where people will be running bots which produces signals for traders and putting them in the Superalgos network for everyone to benefit.”
Molina concluded by telling us more about the Superalgos application and how traders can benefit from the #1 platform on GitHub. He also gave hints about his top five cryptocurrencies. Click here to watch the full interview.