Bitget Creates $100M Web3 Fund For Asian Crypto Companies

As a start, Bitget’s new fund will get $100 million to help fund the next generation of Web3 projects.

Exchange for crypto derivatives Bitget has started a new fund to help the next generation of Web3 projects. 

Bitget says it will try to fund venture firms and projects around the world that are friendly to Web3. It will focus on projects from Asia that are being worked on by experienced teams with clear plans to solve real-world problems.

“We can see that Web3 space is evolving rapidly and many projects deserve the support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become. That is why the Bitget Web3 Fund will strive to seek out projects that have the most impact on this process,” said Gracy Chen, managing director of Bitget.

The exchange mentions Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker, and Dragonfly Capital, which recently invested $10 million in Bitget to promote its global expansion, as potential partners.

Since it started in 2018, Bitget has attracted more than 80,000 traders and 380,000 copy traders. In 2023, the exchange wants to offer more spot trading, the launchpad, and Bitget Earn. Bitget paid $30 million for BitKeep, a Web3 access gateway with 9.5 million customers.

The exchange developed a $200 million fund to protect users’ money and restore investor trust during last year’s terrible market. Bitget promised to protect the value of the fund for three years. The exchange also claims to have introduced tight KYC and AML standards last year to keep rogue actors out.