The KuCoin ecosystem’s investment and incubation arm, KuCoin Labs, has officially announced that it will co-incubate BidShop.io with Republic Capital. BidShop.io is a startup that gives NFT holders more ways to get cash.
BidShop.io adds game theory to the traditional NFT auction process, giving holders of non-fungible tokens above the floor price access to more liquidity streams. On the buyer’s side, the solution makes it possible for bidders to get rare NFTs for a fraction of what they originally cost.
Reverse auctions are a new way that the company gives NFT owners more control and helps buyers have a better chance of winning. In reverse auctions, all bid amounts are encrypted and hidden from the other bidders. This is a big technological challenge when it comes to putting encryption on EVM blockchain and keeping the process completely trustless.
“The reason why we love BidShop.io is not only the unique technology but the true gamification of the NFT space, adding more liquidity and providing more people with a chance of acquiring NFTs with true value. KuCoin Labs is advising Bidshop.io from various aspects, such as business strategy, fundraising, marketing orientations as well as go-to-market strategies, etc,” the head of KuCoin Labs, Lou Yu, said. KuCoin Labs will look into different ways to work with BidShop.io in the future to make the NFT ecosystem much better.
KuCoin is a global cryptocurrency exchange that started in September 2017 and is based in Seychelles, where it has its main office. It has more than 700 digital assets and is a user-centered platform with a focus on inclusion and community action. It has 20 million users in 207 countries and regions at the moment. Spot trading, Margin trading, Peer-to-Peer (P2P) fiat trading, Futures trading, staking, and lending.
In 2022, KuCoin raised more than $150 million in investments through a pre-Series B Round. When combined with investments from Round A, this brought the total to $170 million, giving the company a total value of $10 billion. CoinMarketCap says that as of right now, KuCoin is one of the top five cryptocurrency exchanges. Forbes named KuCoin one of the best cryptocurrency exchanges for 2021. KuCoin was named by The Ascent as the best cryptocurrency app for fans in 2022. For more information, please visit http://www.kucoin.com.
About KuCoin Labs
Since it started in May 2018, the KuCoin investment and incubation program has brought together a group of crypto industry experts to do in-depth market research, analysis, investment, and industry incubation. KuCoin Labs has spread out its investments in early-stage projects in order to help project owners grow and succeed in a decentralized setting.