Web3-friendly venture firms and projects based in Asia and working on real-world problems will be the main focus of the new $100 million fund launched by Bitget
Image: Motion Array
Bitget launched a new fund to support the next generation of Web3 projects worldwide. However, the crypto derivatives exchange mainly targets those experienced teams with clear roadmaps which are based in Asia.
According to the statement, Bitget sent to Coindesk, the initiative is part of the firm’s ongoing ‘Go beyond derivative’ strategy. The fund will be self-funded, as the exchange claims to be “debt-free with adequate cash flow”. The initial investment in Bitget Web3 Fund is reportedly equal to $100 million.
Potential partners in this industry initiative include Foresight Ventures, ABCDE Capital, SevenX Ventures and DAO Maker, as well as Dragonfly Capital.
The fund comes at a time when Asian countries increasingly start building out a framework for developing Web3 products. Thus, Hong Kong has recently encouraged crypto trading with new policies. Meanwhile, Bank of Japan launched CBDC pilot and other Japanese banks prepare to enter metaverse economic zone.
About Bitget
Bitget is a cryptocurrency exchange and digital asset trading platform, registered in the Seychelles. It was founded in 2018. The exchange revealed that it has attracted over 80,000 traders and 380,000 copy traders since the launch. Besides supporting the new generation of Web3 initiatives, Bitget plans to expand its own services with spot trading, the launchpad and Bitget Earn products in 2023.
The exchange is keen on innovation. In 2021, Bitget partnered with DigiMax, an AI technology company. A year later, the firm introduced automated trading bots on its platform via a partnership with CryptoHero.
The exchange has recently acquired the BitKeep wallet — a Web3 access gateway with over 9.5 million users. The deal was valued at $30 million.
