Bitget Reveals $100M Web3 Fund to Propel Crypto Ecosystem Growth

Bitget Reveals $100M Web3 Fund to Propel Crypto Ecosystem Growth

During the
Hong Kong Blockchain Week, Bitget, a crypto derivative and copy trading
platform, unveiled its Bitget Web3 Fund with an initial investment of $100
million. The fund aims to invest in Web3-friendly venture capital firms and Web3
projects to support the growth of the new crypto initiatives.

Bitget Launches Web3 Fund

The Bitget
Web3 Fund is a part of the company’s 2023 ‘Go Beyond Derivative’ strategy,
which focuses on fostering a positive outlook on the digital currency economy
and promoting the development of the Web3 ecosystem.

Although
the fund will consider venture capital firms and projects worldwide, it will
prioritize Asian partners with a clear roadmap, an experienced team, and innovative solutions to real-world challenges.

Bitget has
already received inquiries from notable venture capital firms, such as Foresight
Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for
potential collaborations.

Gracy Chen,
the Managing Director of Bitget, commented on the launch, stating that the
Bitget Web3 Fund would strive to identify projects that significantly impact the Web3 space’s ongoing evolution.

“We strive
to support financial innovation in Asia and believe that our platform can act
as a reliable, convenient, and secure link between the worlds of DeFi and CeFi.
Our team of analysts has already outlined the criteria for project selection
and will adhere to them strictly,” Chen added.

Bitget’s Managing
Director also emphasized the importance of accountability when dealing with
innovative projects requiring investments.

Bitget Focuses on Expanding
Cryptocurrency Adoption

In recent
months, Bitget has supported numerous initiatives to foster crypto
adoption. As part of its 'Go Beyond Derivatives’ strategy, the
company has acquired several Web3 applications, pledged support as a sleeve
sponsor to Juventus, and acted as a general sponsor for the Juventus Women’s
Team during the 2022-2023 season.

Recently, Bitget
acquired the BitKeep wallet, a Web3 access gateway with almost ten million
users, to further improve the Web3 browsing experience for its users. In December, the company presented a new DeFi feature called MegaSwap, allowing investors to swap or trade digital assets for more than 10,000 crypto assets in the decentralized finance space.

However, Bitget’s recent activities have not been without controversy. Japan’s Financial Services Agency (FSA) issued a warning concerning four international cryptocurrency exchanges allegedly conducting business in the country without proper local registration. The exchanges in question include Bybit, BitForex, MEXC Global, and Bitget.

This article was written by Damian Chmiel at www.financemagnates.com.

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