Bitget launches a $100 million fund in Asia’s Web3 ecosystem. The Seychelles-based cryptocurrency exchange has announced the establishment of a new $100 million fund to invest in Web3 startups.
- Bitget establishes a $100 million fund to support Web3 startups in Asia.
- The fund will invest in Venture Capital firms that are looking to help Web3 companies in Asia.
Bitget is a cryptocurrency exchange and trading platform for digital assets. The platform has launched a $100 million fund to aid in the development of Web3 and to create a positive attitude toward the Web3 ecosystem and digital currencies.
Bitget partnered with a Latin American fintech company in February to participate in central bank digital currency (CBDC) projects in Brazil and Argentina. With the Bitget Web3 fund, it is now expanding into the Asia Pacific region.
The Bitget Web3 fund is part of Bitget’s 2023 “go beyond derivative” strategy. As part of this strategy, Bitget intends to evolve from a trading platform into a “reliable, convenient, and secure link” connecting the worlds of DeFi and CeFi.
Gracy Chen, its Managing Director, emphasized the importance of such initiatives in a statement issued on Monday:
“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.”
Gracy Chen also mentioned that Bitget understands the value of accountability in the Web3 space. As a result, she assured the community that Bitget is “taking a fully conscious and responsible approach” to investments, which serves the company’s goal of positioning itself as the trustworthy link between Web3 and traditional finance.
Furthermore, Bitget’s latest move follows its recent $30 million investment in the decentralized multi-chain wallet BitKeep. Bitget’s continued investment in the Web3 ecosystem demonstrates its dedication to the development of a decentralized future.
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Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.