Bitget Launches $100 Million Web3 Fund To Support Crypto Projects

Key Points:

• Bitget has launched a new $100 million fund focused on Web3 company.
• The Bitget Web3 Fund will look for VCs and companies all over the world but will prefer Asian partners with a clear roadmap and experienced staff.
• The exchange has been a sponsor of various initiatives aiming at increasing cryptocurrency use.

At the Hong Kong Blockchain Week, Bitget, a Seychelles-based crypto exchange, launched a new $100 million fund targeting Web3 entrepreneurs as the Asian area constructed a framework for building Web3.

In 2023, the Bitget exchange will implement a ‘Go beyond derivative’ strategy with the creation of the Bitget Web3 Fund, which aims to cultivate a good attitude toward the digital currency economy and assist the growth of the Web3 environment.

The fund will look for VCs and projects all around the globe but will emphasize Asian partners with a clear roadmap and an experienced team, as well as those that provide creative solutions to real-world challenges. As of now, it has received requests for prospective collaborations from VCs like as Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital.

Gracy Chen, Managing Director of Bitget, remarked on the new fund’s launch:

“We can see that Web3 space is evolving rapidly and many projects deserve the support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become. That is why the Bitget Web3 Fund will strive to seek out projects that have the most impact on this process.”

Bitget has been a sponsor of various initiatives aiming at increasing cryptocurrency usage. In a significant step into the Web3 arena, the exchange just bought the BitKeep wallet, a Web3 access gateway with over 9.5 million users, which will improve consumers’ Web3 surfing experience.

As Coincu reported, Dragonfly Capital, a venture capital firm based in San Francisco, announced a $10 million investment in Bitget.

East Asian countries have made moves to encourage cryptocurrency in recent months, with Hong Kong seeming to relax crypto rules and Japan passing a whitepaper for Web3 development last week.

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Harold

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