Bitget, a crypto derivatives exchange, has announced the launch of a new $100 million fund focused on supporting the next generation of Web3 projects in Asia. The fund will target Web3-friendly venture firms and projects globally, with a focus on Asian projects from experienced teams working on real-world problems. The exchange plans to work with venture capitalists, including Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Maker, and Dragonfly Capital, which recently invested $10 million in Bitget for its global expansion. Bitget aims to expand its spot trading, launchpad, and Bitget Earn products in 2023.
Gracy Chen, Managing Director of Bitget, stated that the Web3 space is rapidly evolving, and the Bitget Web3 Fund will seek out projects that have the most impact on this process. The exchange’s recent acquisition of BitKeep wallet, a Web3 access gateway with over 9.5 million users, for $30 million, has boosted its position in the crypto industry. Last year, during the bear market, Bitget launched a $200 million fund to safeguard users’ assets and restore investors’ confidence. Bitget pledged to secure the fund’s value for three years. The exchange has also implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to keep bad actors out of its services.