Seychelles-based cryptocurrency exchange Bitget has announced the launch of a $100 million fund for Web3 startups. The new fund aims to support promising and innovative projects in developing Web3 environments across Asian countries. This move comes as East Asian countries are increasingly making efforts to promote cryptocurrency, with Hong Kong easing its regulations on the sector.
The Web3 Fund will focus on BUIDL (Build, Use, Invest, Develop, Learn) projects that can potentially drive the adoption of crypto and Web3. According to Gracy Chen, the Managing Director of Bitget, the fund continues the exchange’s ongoing efforts to promote the use of cryptocurrencies and reflect its “Go beyond derivative” strategy in 2023.
The Bitget Web3 Fund is a self-funded initiative, which the company says is made possible by its steady development and fast-growing business. The exchange is reportedly debt-free and has adequate cash flow, which has enabled it to make significant investments in recent months.
This announcement follows Bitget’s $30 million investment in the decentralized multi-chain wallet BitKeep, signaling the exchange’s commitment to supporting the growth of the cryptocurrency industry.
The launch of the Bitget Web3 Fund is timely, considering Japan’s recent approval of a whitepaper for Web3 development. Japan has been working on a framework for Web3, which aims to promote the adoption of decentralized technology and digital currencies in the country.
The Web3 Fund’s focus on BUIDL projects is also notable, as it suggests that Bitget is keen on driving innovation in the industry. With the fund’s backing, 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 the Bitget Web3 Fund is a positive development for the cryptocurrency industry, particularly in Asia. With the exchange’s strong financial position and focus on BUIDL projects, it is well-positioned to support startups working on cutting-edge technologies. As more countries adopt Web3 frameworks, the Bitget Web3 Fund could play a significant role in driving the adoption of digital currencies and decentralized technologies in the region.