Bitget, the Seychelles-based exchange, is launching a $100 million fund to support the next generation of Web3 projects and spread them around the world. This initiative is timely as Asian countries seek to establish a regulatory framework conducive to the development of Web3 startups.
Bitget launches fund to support web3 projects in Asia
The exchange platform Bitget, based in the Seychelles, recently announced the launch of a $100 million fund to support Web3 projects in Asia, a fertile ground for crypto companies.
In a press release, the Exchange clarified that this fund is an initial investment. Bitget also confirmed its willingness to target Web3-enabled companies and other venture capital projects around the world.
Asian projects, led by experienced groups working on real-world issues, with clear roadmaps will be preferred for funding.
The general manager from Bitget, Gracy Chen, clearly indicated that the primary objective of Bitget Web3 Fund was to stimulate the development of Web3 and to make it evolve into a worldwide phenomenon that cannot be ignored.
We can see that the Web3 space is evolving rapidly and many projects deserve support to advance this development and make Web3 a true global phenomenon, as Web2 once was. This is why the Bitget Web3 Fund will strive to seek out projects that have the most impact on this process.
Gracy Chen, General Manager of Bitget
The team behind the project Bitget Web3 Fund has confirmed that the platform is fully funding this project. But that’s not all! Bitget is in talks with several venture capital firms to enter into a partnership agreement. Some companies have already been announced, such as Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker and even Dragonfly Capital.
Since its inception in 2018, the platform has attracted over 80,000 traders and 380,000 trade copiers. As a result, it plans to expand its spot trading and Bitget Earn products in 2023. With Asian countries working on a favorable regulatory framework for crypto businesses, including Hong Kong, which appears to be easing its regulations, it is not surprising that Bitget is looking to expand its operations in the mainland.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
