Bitget, a cryptocurrency exchange based in Seychelles, has recently launched a fund worth $100 million that will focus on supporting Web3 startups. This move comes as Asian countries continue to lay the groundwork for the development of Web3.
In recent months, there have been noticeable efforts by East Asian countries to promote the adoption and development of cryptocurrencies. Hong Kong appears to be relaxing its crypto regulations, while Japan approved a white paper aimed at supporting the development of Web3 just last week.
Gracy Chen, the managing director of Bitget, stated that despite the ongoing bear market, the company has remained committed to supporting innovative and promising projects, particularly those that focus on building the Web3 ecosystem. The launch of the Bitget Web3 Fund is an extension of their efforts to promote the adoption of cryptocurrencies and Web3 technologies and is consistent with the company’s “Go beyond derivative” strategy for 2023.
According to a spokeswoman for Bitget, the newly launched Bitget Web3 Fund is self-funded. The company has achieved financial stability through its steady growth and rapidly expanding business, resulting in a debt-free status and sufficient cash flow.
In March 2023, a press release announced that Bitget, a cryptocurrency exchange based in Seychelles, had made a $30 million investment in BitKeep, a decentralized multi-chain wallet. As a result, Bitget became the controlling shareholder of BitKeep.
At the time, it was reported that the investment deal between Bitget and BitKeep was intended to achieve several objectives. For Bitget, the deal would enable the exchange to expand its service offerings while also supporting BitKeep’s efforts to improve the stability and security of its products. Additionally, the partnership was aimed at leveraging the strengths of both companies to establish a link between Decentralized Finance (DeFi) and Centralized Finance (CeFi), promoting collaboration between the two sectors.
