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Crypto Exchange KuCoin Launches $100M Fund for NFT Creators
The money will be used for early-stage projects.
Seychelles-based cryptocurrency trading platform KuCoin announced Tuesday the launch of a $100 million Creators Fund to support early-stage non-fungible token (NFT) projects, according to a press release provided to CoinDesk.
- The fund complements the newly launched KuCoin Windvane NFT Marketplace. KuCoin said Windvane offers creators access to the heavy exchange traffic and the support of the community for building initial NFT offerings.
- Launched in 2017, the KuCoin exchange reached 10 million registered users at the end of the last year and has a daily trading volume of about $2.2 billion, according to CoinGecko data.
- KuCoin Creators Fund is a joint venture between Windvane and the exchange’s venture capital arm, KuCoin Ventures. NFT categories of interest include art, sports, profile pictures (PFPs), Asian culture, celebrities and GameFi, according to the press release.
- The fund will also invite 99 NFT creators to join the Windvane marketplace, which offers standard features like minting, trading and storage. Windvane supports some of the most popular NFT blockchains, including Ethereum, BSC and Flow.
Read more: KuCoin Community Chain Launches $50M Accelerator to Nurture Ecosystem Projects
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CORRECTION (April 19, 22:04 UTC): A previous version of this story incorrectly stated that KuCoin was based in Singapore.
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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