Cryptocurrency exchange platform Bitget has announced the launch of its Web3 Fund during the Hong Kong Blockchain Week, with an initial investment of $100 million.
Bitget will use the fund to prioritise Web3 investments in friendly venture capitals and other outstanding Web3 projects as it aims to support the development of the next generation of crypto projects.
With the launch of its Bitget Web3 Fund, the platform is adhering to a ’Go beyond derivative’ strategy in 2023 which is intended to foster a positive attitude towards the digital currencies economy and support the development of the Web3 environment.
Gracy Chen, managing director of Bitget commented on the launch, “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.”
The Bitget Web3 Fund will seek out VCs and projects across the globe but will prioritise partners in Asia that have a clear roadmap, an experienced team, and those that offer innovative solutions to real-world problems.
“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. 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,” said Chen.
For now, the platform has received inquiries from VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for potential partnerships.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
