KuCoin Launches KuCoin Labs with $50 Million Fund for Investing in Promising Crypto Projects

Key highlights:

• KuCoin has launched KuCoin Labs and established a $50 million fund
• KuCoin Labs is KuCoin's unit for research and analysis, as well as investing in promising crypto projects
• KuCoin recently reached 8 million registered users

KuCoin launches KuCoin Labs with $50 million fund

The KuCoin cryptocurrency exchange has launched a new analysis and research unit called KuCoin Labs that is accompanied by $50 million in funding to find and invest in early-stage cryptocurrency and blockchain projects. 

KuCoin Labs is a continuation of the KuCoin Investment and Incubation Program, which the exchange launched 2018. Its goal is to contribute to help promising projects reach success and sustainable growth through investments and providing marketing, business and technical support. According to KuCoin, it can also help projects accelerate their way to the secondary market.

Current projects in the KuCoin Labs portfolio include names such as Arweave, CertiK and Ankr, and the list of supported projects covers a wide ground of uses for decentralized technologies, including decentralized finance and non-fungible tokens.

Kucoin Labs are looking to expand their portfolio and are accepting applications from new projects that are interested in collaborating. 

Johnny Lyu, CEO of KuCoin Global, accompanied the launch of KuCoin Labs and its $50 million fund by highlighting the momentum that KuCoin has been gathering as of late:

"As the crypto market cap breaks $2 trillion, KuCoin has also seen explosive growth. KuCoin's trading volume for Q1 increased by 465%, with user growth increasing by 577%. With the launch of KuCoin Labs, KuCoin will 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."

The KuCoin cryptocurrency exchange is particularly popular among altcoin traders, as it lists a huge variety of crypto assets. The exchange has been steadily expanding its product suite, and now also offers cryptocurrency derivatives, interest earning programs, token sales (KuCoin Spotlight) and a host of other products.

KuCoin recently announced that it had reached a new milestone as the number of registered users on its platform exceeded 8 million. In addition, the exchange also conducted the 16th burn of its KCS token, where 160,723 KCS (almost $2 million) was removed from circulation.