- Crypto derivatives exchange Bitget launched a new fund focused to support next generation of Web3 projects
- The company will invest $100 million in the fund as an initial investment.
- Several venture capitalists, including Dragonfly Capital and Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, are prospective partners in the project.
Bitget, Seychelles-based cryptocurrency derivatives, and copy trading platform, announced the launch of its Bitget Web3 Fund during Hong Kong Blockchain Week. The company will invest $100 million in the fund as an initial investment. To assist the growth of the next generation of crypto businesses, the fund will focus on making investments in venture capital that is Web3-friendly and special Web3 projects.
With the introduction of the Bitget Web3 Fund in 2023, which aims to promote a good mentality toward the digital currency economy and aid in developing the Web3 environment, the Bitget exchange will continue to follow its “Move Beyond Derivative” strategy.
Commenting on the launch, the managing director of Bitget, Gracy Chen, said:
“We can see that Web3 space is evolving rapidly, and many projects deserve the support to advance such development further 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. We are taking a fully conscious and responsible approach in this regard and know how important accountability is when dealing with any innovative project requiring investments.”
Partners In Asia Given Priority
The Bitget Web3 Fund will look for VCs and projects worldwide, giving priority to Asian partners who have a clear roadmap, an experienced team, and cutting-edge solutions to real-world issues. The company has received inquiries from potential partnerships from VCs like Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital.
Chen added:
“We strive to support financial innovation in Asia and believe that our platform can act as a reliable, convenient, and secure link between the worlds of DeFi and CeFi. Our team of analysts has already outlined the criteria for project selection and will adhere to them strictly.”
Supporting Endeavors For Advancement Of Crypto Adoption
Many initiatives aiming at accelerating the acceptance of cryptocurrencies have received support from Bitget. The new ‘Move beyond derivatives’ strategy saw the exchange buy many Web3 applications in recent months and commit its support as a sleeve sponsor to Juventus and as a general sponsor to the Juventus Women’s Team for the 2022-2023 season. The exchange recently bought the BitKeep wallet, a Web3 access gateway with over 9.5 million users, in a significant step into the Web3 area, which will further improve the Web3 browsing experience for Bitget customers. Bitget is also hosting several events and challenges for the community to boost individual projects and broader community spirit.
Chen carried her excitement to Twitter, asserting that Bitget has solid financial standing and enthusiasm for the future of cryptocurrencies.
About Bitget
Bitget, launched in 2018, offers our global user base complete and secure trading solutions. Bitget has over 8 million members, 380,000 followers, and 80,000 professional traders from more than 100 countries, primarily focusing on social trading. CoinGecko ranks Bitget among the top five global exchanges for trading derivatives. With an 800-person team, Bitget accelerated its effort to promote decentralized finance.
With its motto of “Better Trade, Better Life,” Bitget is dedicated to offering complete and secure trading solutions to people worldwide. In October 2022, Bitget made a partnership announcement with Argentine football legend Lionel Messi. And earlier in 2021, Bitget revealed that Juventus, a prominent football team, would be its first-ever sleeve partner and, shortly after, the official esports cryptocurrency partner of PGL Major. Early in 2022, partnerships with Team Spirit, the top esports organization, were also announced.
