Hassan Maishera
TL;DR
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Bitget has launched a $100 million fund to support Web3 startups in Asia.
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The cryptocurrency exchange said the fund is self-funded with no external investors.
Bitget Launches Its Web3 Asia Fund
Seychelles-based crypto exchange Bitget has announced the launch of its new $100 million fund targeting Web3 startups in Asia. The cryptocurrency exchange said the fund is designed to support Web3 startups in Asia as the continent builds out a framework for developing Web3.
This latest development comes as East Asian countries have been taking giant leaps in promoting the Web3 ecosystem in recent months. Hong Kong leads the way after easing its crypto regulations, while Japan recently approved a whitepaper for Web3 development.
While commenting on this latest development, Gracy Chen, the Managing Director of Bitget, said;
"Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023.”
The cryptocurrency exchange’s spokesperson revealed that the fund is self-funded. The spokesperson added that;
“Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business.”
Bitget’s $100 million Asia fund came after the cryptocurrency exchange invested $30 million into the decentralized multi-chain wallet BitKeep.
