According to Business Wire, KuCoin and the non-flammable token marketplace Windowin have agreed to raise $ 100 million. The fund will have to sponsor content creators' projects at various stages of development, as well as help them grow their businesses and enter major markets.
The company emphasizes that it will focus on promising startups that will contribute to the growth of the Web3 industry. Windvane is KuCoin's NFT marketplace, which aims to meet the needs of Exchange users to purchase deposit tokens. Currently, KuCoin is the fifth largest exchange in the world in terms of trading volume.
According to Johnny Liu, CEO of the Exchange, the company expects to see rapid growth of the Web3 infrastructure and Metavers through integration with sports, games and celebrities.
At the same time, Windvane does not expect a rapid replacement of Web2; on the contrary, developers will want to integrate Web2 and Web3, thus providing growth and development opportunities to developers of both webspaces.
It is unknown at this time what authors or startups will be sponsoring the fund. However, the company is already awaiting applications from industry representatives.