KuCoin Ventures Announces Investment in Pixie, a Web3 Version of TikTok and Instagram

2022/08/24 09:00:00

KuCoin, a leading global cryptocurrency trading platform, announced that its venture capital arm KuCoin Ventures makes a strategic investment in Pixie, the world’s first fully functional crypto-based photo and video sharing social network in Web3 with the SocialFi concept.

Pixie is an entertaining social media platform that can let users earn cryptocurrency. Like a web3 version of TikTok and Instagram, Pixie took the lead in realizing SocialFi in the world. Through NFT technology, users in Pixie will obtain all rights to their digital content such as ownership. With the help of NFT technology, Pixie is a pioneer in protecting copyright for digital content from the start of the initial creation of the content.

The new funding by KuCoin Ventures announced today will be used to support Pixie’s team expansion and many other aspects, such as product, technology, and security to improve its user experience and launch more innovative products.

Justin Chou, the Chief Investment Officer of KuCoin, said: “Pixie has a fully functional and highly competitive product that users can download at any time on the app store. Pixie will make tremendous and continuous profit through advertising, which means Pixie is quite different from the project relying on more paid users joining. As a web3 version of Instagram or Tiktok, I think pixie has an enormous imaginative space in the future.”

Amjad Suleman, the Chief Business Officer of Pixie, said: "Pixie is built on the idea that the public will wake up to the fact that multinational social media companies are making billions from their content, and they will not see a penny of it. Using our world-leading knowledge in blockchain technology, we have built what we believe is the world's first SocialFi network. Ensuring users have true ownership of their content is at the foundation of Pixie, and we hope it sparks the beginning of the 'socialize to earn' era. The investment is vital to Pixie’s next step expansion. It is an honor to receive the investment from KuCoin. With their support, we will work to further enhance the SocialFi ecosystem and facilitate the free flow of asset values."

About Pixie

Pixie is the world’s first fully functional crypto-based photo and video sharing social network in Web3 with the SocialFi concept. Users can earn crypto PIX through their creations and social activities such as Post, Like, Repost etc. Pixie allows users of Web3 to display their Ethereum NFT Asset in Pixie App and share their NFT with other users while earning PIX rewards accordingly. Pixie has made it possible for users to truly take ownership of their data. Users can mint their posts to NFTs, which can be easily exported to other supported platforms. Pixie defines a brand new "Creator Crypto-Economy" model and works with all its users to build and develop a decentralized social network where users can manage and share value and profit.

In the past few months, Pixie has reached over 200,000 registered users and 20,000 DAU, who have already contributed more than 7 million posts, including pictures and videos. Pixie has become one of the largest social networks in the Web3 era with the SocialFi concept.

To find out more, visit https://www.pixie.xyz

About KuCoin

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 20 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.

About KuCoin Ventures

KuCoin Ventures is a leading investment arm of KuCoin Exchange that aims to invest in the most disruptive cryptocurrency and blockchain projects in Web3.0 era. With the commitment of empowering Crypto/Web 3.0 Builders with Deep Insights and Global Resources, it is also a community-friendly and research-driven full-stage corporate venture that focuses on DeFi, Game-Fi, Web 3.0, infrastructure, working closely with its portfolio projects throughout the journey of entrepreneurship.