KuCoin Labs invests in cross-chain encryption solution LiquidFactory.io to help launch the first auction-style NFT marketplace.
KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, has officially announced its co-lead with Republic Capital in LiquidFactory.io, a startup that is building a privacy network which comes with native encrypted cross-chain communication. The total fund raise of $1.25 million attracted additional VC firms who backed the company’s vision, including IDG capital, CDH VGC, Lapin.Digital, Ascensive Assets, Acheron Trading, and more.
Liquidity is vital for the entire crypto industry, especially when there is market turbulence. Encryption can enable the generation of additional liquidity streams while applying extra protection to ensure a safer and more efficient experience for users." KuCoin Labs is advising LiquidFactory.io from various aspects, such as business strategy, fundraising, marketing orientations as well as go-to-market strategies etc.” stated Lou Yu, Head of KuCoin Labs.
In the future, KuCoin Labs will further explore potential and diversified collaborations with LiquidFactory.io to vastly improve the entire ecosystem.
“LiquidFactory.io will be using this investment to launch its first product BIDSHOP.io,” said Aviv Farhi, COO at LiquidFactory.io, “an NFT auction-style marketplace that introduces game theory elements into the traditional NFT auction process. Using the encryption layer all participants can hide their bids from others in a decentralized and trustless manner, which, together with other unique features, will create additional liquidity streams for non-fungible tokens while simultaneously allowing bidders to acquire rare NFTs at a 90% discount from listing price.
LiquidFactory has announced the launch of the BIDSHOP’s testnet platform scheduled for December 7th, and will include giveaways and prizes to attract active users and testers. More information regarding the testnet and how to participate can be found directly in LiquidFactory’s Discord Channel.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusiveness and community action reach, it offers over 700 digital assets. Currently, it provides Spot trading, Margin trading, P2P fiat trading, Futures trading, staking, and lending to its 27 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B Round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges, according to CoinMarketCap. In 2021 Forbes named KuCoin one of the Best Crypto Exchanges. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts. For more information, please, visit https://www.kucoin.com
About KuCoin Labs
Since its launch in May 2018, the KuCoin investment and incubation program has brought together a group of crypto experts for in-depth market research, analysis, investment, and incubation in the crypto industry. KuCoin Labs has diversified investments into early-stage projects to help project owners achieve sustainable growth and success in the decentralized world.
For more information, please visit https://www.kucoin.com/land/kucoinlabs
LiquidFactory.io is a privacy network which comes with native encrypted cross-chain communication that can operate on any Network. Unlocking new use cases for the blockchain ecosystem from DeFi, and GameFi to NFTs. LiquidFactory is launching BIDSHOP.io, the first use case for its native encryption built on Polygon Network. More products to come.
LiquidFactory.io | BIDHSOP.io | Discord | Twitter | Telegram Announcement