BitGet, the Seychelles-based cryptocurrency exchange, has launched a new $100 million fund aimed at Web3 startups. The move comes as East Asian countries continue to promote and develop Web3 frameworks, with Japan recently approving a whitepaper for Web3 development, and Hong Kong seeming to ease its crypto regulations, media reports said.
The BitGet Web3 Fund is self-funded, with the exchange stating that it is debt-free with sufficient cash flow due to its steady development and fast-growing business. The fund will focus on supporting promising and innovative projects to drive the adoption of crypto and Web3, reflecting the exchange’s ‘Go beyond derivative’ strategy for 2023.
Gracy Chen, the Managing Director of Bitget, stated that the Web3 fund launch is a continuation of the exchange’s efforts to support BUIDL and the development of the Web3 environment. Bitget has always supported promising and innovative projects, despite the bear market conditions.
This announcement comes after BitGet invested $30 million in decentralized multi-chain wallet BitKeep, demonstrating the exchange’s commitment to supporting and investing in Web3 infrastructure.
As more crypto projects seek non-U.S. jurisdictions, the BitGet Web3 Fund aims to exploit the growing interest in Asian countries’ developing Web3 frameworks. With the fund’s launch, BitGet is well-positioned to support and invest in promising Web3 startups and continue to drive the adoption of crypto and Web3.
The cryptocurrency industry is evolving, and with this announcement, BitGet is positioning itself at the forefront of its development. It will be interesting to see how the fund’s investments will drive the growth and adoption of Web3 in the coming years.
