As an initial investment, Bitget’s new fund will get $100 million to assist the Web3 projects of the coming years.
exchange for crypto derivatives Bitget established a new fund with the goal of assisting the Web3 initiatives of the future. The fund will receive an initial investment of $100 million, according to a statement.
According to Bitget, it will focus on sponsoring venture companies and initiatives that are Web3-friendly globally. It will concentrate on Asian projects from seasoned teams working on practical issues with clear road maps.
“We can see that the Web3 sector is developing quickly, and many projects merit assistance to extend this development and make Web3 a genuinely global phenomenon, as Web2 had previously done. Therefore, the Bitget Web3 Fund will make an effort to find initiatives that have the greatest influence on this procedure, according to Gracy Chen, managing director of Bitget.
The venture capital firms Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital—which recently announced a $10 million investment on Bitget to support its ongoing global expansion—are among the potential partners in the initiative, the exchange claims.
According to Bitget, it has attracted over 80,000 traders and 380,000 copy traders since its 2018 inception. In 2023, the exchange intends to increase spot trading, the launchpad, and Bitget Earn offerings. For $30 million, Bitget just purchased the BitKeep wallet, a Web3 access gateway with over 9.5 million users.
