Bitget launches $100m web3 fund in Asia

April 10, 2023 at 10:52 am

News

Bitget, a prominent crypto derivative and copy trading platform, has launched a $100 million fund to support next-generation crypto projects in Asia.

The Bitget Web3 Fund was introduced during Hong Kong Blockchain Week. It will invest in Web3-friendly venture capital and exceptional Web3 projects.

Following the announcement on April 10, several VCs have already inquired about potential partnerships with the fund, including ABCDE Capital, Foresight Ventures, SevenX Ventures, Dragonfly Capital and DAO Maker.

Bitget Exchange announced in Hong Kong about its Bitget Web3 Fund in Asia, with an initial investment of $100 million. Partners include Foresight, Dragonfly, SevenX, DAO Maker, and ABCDE Capital. Foresight Ventures also announced the establishment of HK as its global headquarters
— Wu Blockchain (@WuBlockchain) April 10, 2023

According to a Bitget representative, the entity is reportedly self-funded and comes after it had invested $30 million in the decentralized multi-chain wallet BitKeep.

According to the company’s Managing Director, Gracy Chen, the fund will look for VCs and projects worldwide. Still, priority will be given to Asia-based partners with a clear roadmap, an experienced team, and creative solutions to pressing problems.

“Many projects deserve the support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become.”
Gracy Chen, Bitget Managing Director

Moreover, the business invests in innovative projects with full awareness and accountability, knowing how crucial accountability is when working with creative projects that call for investments.

Bitget’s presence in the crypto industry

Bitget was established in 2018 and is the world’s leading cryptocurrency exchange offering futures and copy trading services.

The exchange is dedicated to offering a one-stop trading solution to assist users in trading more wisely. It currently serves over 8 million users across over 100 nations and regions. Bitget is also currently ranked as a top 5 futures trading platform and a top 10 spot trading platform.

Bitget has backed various initiatives designed to encourage the use of cryptocurrencies. The company’s recent ‘Go beyond derivatives’ strategy saw it acquire multiple Web3 applications, including the BitKeep wallet with over 9.5 million users.

Lastly, the exchange is a general sponsor and Juventus’ sleeve sponsor to the Juventus Women’s Team for the 2022-2023 season.

The launch of the Web3 fund demonstrates Bitget’s dedication to supporting financial innovation in Asia and contributing to the development of the next generation of crypto projects.