Bitget, a crypto derivatives exchange, has launched a new $100 million Web3 fund aimed at supporting the next generation of Web3 projects. With the Web3 space evolving rapidly, Bitget intends to seek out experienced teams with clear roadmaps working on real-world problems to further advance Web3 development and make it a truly global phenomenon.
The Bitget Web3 Fund will focus on Asian projects that are Web3-friendly and have the potential to make a significant impact on the development of the Web3 space. The exchange aims to target funding to venture firms and projects worldwide. Gracy Chen, managing director of Bitget, stated that the exchange will strive to seek out projects that have the most impact on the development of the Web3 space.
Bitget’s Web3 fund has several venture capitalists, including Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, among others. The fund also includes Dragonfly Capital, which recently invested $10 million in Bitget to support its global expansion efforts.
Bitget recently acquired the BitKeep wallet, a Web3 access gateway with over 9.5 million users, for $30 million. Since launching in 2018, Bitget has attracted over 80,000 traders and 380,000 copy traders. The exchange plans to expand its spot trading, launchpad, and Bitget Earn products in 2023.
Commitment to Users
During last year’s bear market, Bitget launched a $200 million fund to safeguard users’ assets and restore investors’ confidence. The exchange pledged to secure the fund’s value for three years. Additionally, Bitget implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies last year to keep bad actors out of its services.
Bitget’s new Web3 fund is a significant step toward supporting the next generation of Web3 projects in Asia and beyond. With an initial investment of $100 million, the exchange aims to seek out experienced teams and projects that can make a real-world impact on the development of the Web3 space. Bitget’s commitment to its users’ assets and its efforts to maintain a secure platform make it a strong contender in the crypto derivatives exchange market.