Seychelles-based cryptocurrency exchange Bitget has launched a new $100 million fund targeting Web3 startups while creating a framework to develop Web3 in Asian countries.
Cryptocurrency Exchange BitGet Launches $100M Asian-Focused Web3 Fund
BitGet has launched a new fund as more crypto projects seek out jurisdictions outside the US.
East Asian countries have been taking steps to promote crypto over the past few months; Hong Kong appears to be easing crypto regulations, and Japan approved a whitepaper for Web3 development last week.
Despite the bear period, Bitget has always supported promising and innovative projects and the development of the Web3 environment by focusing on BUIDL.
The launch of the Bitget Web3 Fund is a continuation of our ongoing efforts to drive crypto and Web3 adoption and reflects our strategy of 'Go beyond derivatives' in 2023," said Gracy Chen, Bitget Managing Director.
A Bitget spokesperson said the fund is self-financing. “Bitget is debt-free with sufficient cash flow thanks to its steady development and fast-growing business,” he said.
The launch of this fund comes after Bitget invested $30 million in decentralized multi-chain wallet BitKeep.
According to BitGet, the fund aims to generate value for investors and accelerate the growth of the blockchain industry in Asia.
The fund will invest in early-stage blockchain projects and provide resources such as capital, networks and expertise to help them achieve their goals.
BitGet's move to launch the fund comes at a time when more crypto projects are seeking jurisdictions outside the US, particularly in Asia, where interest in blockchain and cryptocurrencies is growing.
The exchange plans to capitalize on this trend and invest in the most promising projects in the region.
*Not investment advice.