Bitget, a cryptocurrency derivatives exchange has established a new crypto fund worth $100 million to support the next generation of Web3 initiatives.
Bitget asserts that it will fund worldwide Web3-friendly venture firms and initiatives. It will concentrate on Asian initiatives from experienced teams with clear roadmaps that are addressing real-world issues.
“It is evident that the Web3 space is rapidly evolving, and a number of projects should be supported in order to further this development and make Web3 a genuinely global phenomenon, as Web2 once was.” Therefore, the Bitget Web3 Fund will search out initiatives with the greatest impact on this process, according to Gracy Chen, managing director of Bitget.
According to the exchange, potential initiative collaborators include Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital, which recently announced a $10 million investment in Bitget to support its ongoing global expansion.
Since its introduction in 2018, Bitget has attracted more than 80,000 traders and 380,000 copy traders. In 2023, the exchange intends to expand its spot trading, launchpad, and Bitget Earn offerings. Bitget recently paid $30 million for the BitKeep wallet, a Web3 access gateway with over 9.5 million users.
During the bear market of the previous year, the exchange also established a $200 million fund to protect user assets and restore investor confidence. Bitget promised to protect the value of the fund for three years.
In addition, the exchange claims to have instituted Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to keep bad actors out of its services over the past year.
