KuCoin Labs invests in Huobi-backed SocialFi platform to expand into the Metaverse and NFT space – press release

PRESS RELEASE.KuCoin Labs' latest strategic investment in emerging SocialFi startup Torum will enable the development of a SocialFi metaverse powered by VR and Web3.0 technologies.

November 4, 2021, Kuala Lumpur, Malaysia— Following strategic investment from Huobi Ventures and 20 other prominent crypto VCs, Torum SocialFi platformis pleased to announce that the project has secured a $50 million strategic investment from KuCoin Labs, the incubator and research arm of KuCoin.

The Torum KuCoin ecosystem

Torum is a SocialFi Metaverse ecosystem specifically designed to connect cryptocurrency users and projects. The Web 3.0 ecosystem consists of a social media platform with over 120,000 users at its core, integrated with an interactive yield farming platform, an NFT marketplace and finally the world's first PFP metaverse identity - Torum Avatar NFT.

It all started when Torum announced the ambition, expand into the metaverse and NFTon September 27, 2021. The SocialFi Metaverse concept caught the eye of KuCoin Labs, leading to intensive meetings and follow-up discussions between the two parties and ultimately the strategic investment in Torum.

Lou, head of KuCoin Labsstated:

"The beauty of Metaverse lies in its diversity. Social, Avatars, NFT collections, GameFi - Metaverse will change the world as we see it. This is just the tip of the iceberg and we look forward to supporting Torum's vision of building a SocialFi Metaverse for crypto users."

Expansion of the ecosystem

As part of this strategic investment, Torum will build an immersive and interactive SocialFi Metaverse ecosystem where cryptocurrency users around the world can access social, decentralized finance, NFT and Metaverse in one place.

Yi Feng Go, CEO and founder of Torumstated:

"This round is an important step towards the coming Metaverse revolution. It doesn't matter if you are a Bitcoin maximalist, DeFi player, altcoin trader or NFT artist. This SocialFi Metaverse is our promise to create an open, secure and connected world for everyone."

The partnership with KuCoin Labs will allow Torum to connect to exclusive partners and access to premium services (blockchain technical support, legal advice, etc.) that are within the reach of the KuCoin ecosystem to focus on developing the SocialFi metaverse.

About KuCoin Labs

Originally founded in May 2018 as KuCoin Investment and Incubation Program, KuCoin Labsis the investment and research power of the KuCoinEcosystem. With a team of research and market experts, KuCoin Labs diversifies and intensifies investments in early-stage projects, ecosystems and communities, empowering BUIDLers to achieve sustainable growth and success in the decentralized world.

About Torum

Torumis the world's largest SocialFi Metaverse ecosystem designed specifically for cryptocurrency users and projects. The Web3.0 ecosystem is based on a social media platform coupled with a yield farming platform for DeFi players, an NFT marketplace for crypto artists, and avatar NFT for Metaverse enthusiasts.

Torum Socials

Twitter| telegram| discord| Medium| Facebook| LinkedIn| Reddit

Media contact details

Contact name: Jayson Tan

Contact email: hello@torum.com

Torum is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an investment offer.

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