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- What – Bitget (BGB), a cryptocurrency exchange, has declared its plan to establish a fund worth $100 million to support Web3 projects in Asia.
- Why – The Bitget Web3 fund will concentrate on investing in Venture Capital platforms that aim to support new Web3 companies located in Asia, as well as other Web3 initiatives that offer exclusive value.
- What Next – The platform announced this during Hong Kong’s Blockchain Week on April 10.
Bitget Introduces Web3 Fund
Bitget, a cryptocurrency exchange, has set an ambitious goal for 2023 with its “go beyond derivative” strategy. The strategy aims to transform the exchange into more than just a trading platform and establish it as a trusted link between the decentralized finance (DeFi) and centralized finance (CeFi) ecosystems. To achieve this, Bitget has announced the establishment of a $100 million fund, the Bitget Web3 fund, to support Web3 projects in Asia.
Through this fund, Bitget seeks to invest in Venture Capital firms that can help Web3 companies located in Asia and other Web3 projects that offer unique value. By supporting these projects, Bitget aims to create a positive attitude toward the Web3 ecosystem and digital currencies, which is critical for their growth and adoption.
Gracy Chen, Managing Director of Bitget, emphasized the significance of such initiatives in supporting the development of the Web3 ecosystem. Chen noted that the Web3 fund is vital to Bitget’s strategy to extend beyond its current derivatives offering and become a crucial link between DeFi and CeFi. She also expressed her confidence that the Bitget Web3 fund would play a crucial role in catalyzing crypto industry innovation and supporting decentralized finance adoption in Asia. She further said:
“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.”
Cryptocurrency Adoption is Bitget’s Top Priority
Bitget has been actively supporting various initiatives to promote the adoption of cryptocurrencies in recent months. The company’s “Go Beyond Derivatives” strategy has seen it acquire multiple Web3 applications, pledge support as a sleeve sponsor for Juventus, and act as a sponsor for the Juventus Women’s Team for the 2022-2023 season.
To improve the Web3 browsing experience for its users, crypto exchange recently acquired BitKeep wallet, which has almost ten million users as a Web3 access gateway. Furthermore, in December, the company introduced a new DeFi feature called MegaSwap, enabling investors to trade digital assets for more than 10,000 crypto assets in the decentralized finance space.
However, Bitget’s recent activities have not gone unnoticed by regulators. Japan’s Financial Services Agency (FSA) issued a warning against four international cryptocurrency exchanges, including Bitget, allegedly conducting business in the country without proper local registration. While this has caused some controversy, Bitget remains committed to expanding the adoption of cryptocurrencies and improving the user experience in the Web3 space.
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