Bitget launches $100M Web3 fund for crypto projects in Asia

Crypto derivatives exchange Bitget has launched a new fund focused on supporting the next-generation Web3 project. An initial investment of $100 million will be invested in the fund, according to a statement confirmed by Cointelegraph.

Bitget says it aims to fund Web3-friendly ventures and projects around the world. Focus on projects in Asia with experienced teams with clear roadmaps tackling real-world problems.

“It is clear that the Web3 space is evolving rapidly, and many projects deserve support in furthering such development and making Web3 the truly global phenomenon that Web2 was once. As such, the Bitget Web3 Fund will seek to find projects that will have the greatest impact on this process.”

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Potential partners in the initiative include multiple venture capitalists such as Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker and Dragonfly Capital, according to the exchange. Dragonfly Capital recently announced his $10 million investment in Bitget to support its ongoing global expansion.

Bitget has revealed that it has attracted over 80,000 traders and 380,000 copy traders since its launch in 2018. The exchange plans to expand its spot trading, launchpad and Bitget Earn products in 2023. Bitget recently acquired BitKeep Wallet, a Web3 access gateway with over 9.5 million users, for his $30 million.

During last year’s bear market, the exchange also launched a $200 million fund to protect user assets and restore investor confidence. Bitget promised that he would secure the value of the fund for three years. Additionally, the exchange claims to have implemented strict know your customer (KYC) and anti-money laundering (AML) policies last year to keep bad actors out of the service.

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