Seychelles-based cryptocurrency exchange Bitget has announced the launch of a $100 million fund for Web3 startups. This new fund aims to support promising and innovative projects in developing Web3 environments in Asian countries. This move comes as East Asian countries increasingly seek to promote cryptocurrencies, with Hong Kong relaxing its regulations in the sector.
The Web3 Fund will focus on BUIDL (Build, Use, Invest, Develop, Learn) projects that have the potential to drive crypto and Web3 adoption. According to Gracy Chen, Managing Director of Bitget, the fund continues the exchange’s ongoing efforts to promote the use of cryptocurrencies and reflects its “Go beyond derivatives” strategy in 2023.
Bitget Web3 Fund is a self-funded initiative, which the company says is made possible by steady development and thriving business. The exchange is reportedly debt-free and has adequate cash flow, which has allowed it to make significant investments in recent months.
This announcement follows Bitget’s $30 million investment in BitKeep’s decentralized multi-chain wallet, signaling the exchange’s commitment to supporting the growth of the cryptocurrency industry.
The launch of the Bitget Web3 Fund is timely, given that Japan recently approved a whitepaper for Web3 development. Japan has been working on a framework for Web3, which aims to promote the adoption of decentralized technologies and digital currencies in the country.
The Web3 Fund’s focus on the BUIDL project is also noteworthy, as it shows that Bitget is interested in driving innovation in the industry. With the support of these funds, startups working on decentralized applications, smart contracts and other Web3-related projects can receive the necessary financial support to accelerate their development.
In conclusion, the launch of Bitget Web3 Fund is a positive development for the cryptocurrency industry, especially in Asia. With a strong financial position and focus on BUIDL projects, this exchange is well positioned to support start-ups working on cutting-edge technologies. As more countries adopt the Web3 framework, the Bitget Web3 Fund can play an important role in driving the adoption of digital currencies and decentralized technologies in the region.