Bitget, the crypto exchange platform, specializing in derivatives, has launched a new investment fund. The latter aims to support the next generation of Web3 projects in Asia. According to comments collected by Cointelegraph, $100 million will be invested in this fund as an initial investment.
An investment fund for the development of Web3 in Asia
According to Bitget, this Investment Funds will be used to fund Web3-friendly businesses and projects around the world. Priority will be given to Asian projects led by experienced teams with a clear roadmap and working on concrete problems.
Gracy Chen, CEO of Bitget, said :
“You can see that the Web3 space is evolving rapidly and many projects need to be supported to stimulate this development and make Web3 a truly global phenomenon, like what Web2 has been in the past. It is for this reason that Bitget’s Web3 fund will specifically target identifying projects that will have the greatest impact on this front.”
From potential fund partners from Bitgetthere are among others, a number of venture capital firms such as Foresight Ventures, ABCDE Capital, SevenX Ventures and DAO Maker.
According to the platform, Dragonfly Capital also intends to participate in this initiative and recently announced a $10 million investment in Bitget, in order to support its ongoing global expansion.
Butget intensifies its action in the development of Web3
Since its inception in 2018, Bitget has reported that it has attracted over 80,000 traders and 380,000 copy traders. In 2023, the platform plans to expand its activities towards spot trading, launchpad and products Bitget Earn.
As a reminder, Bitget recently acquired the portefeuille BitKeep for $30 million. This wallet represents an access gateway to Web3 whose number of users amounts to more than 9.5 million people.
In addition, in 2022, during the period of decline in the cryptocurrency market, Bitget had already launched an investment fund. The latter was estimated at nearly 200 million dollars and aimed not only to safeguard the user assets of cryptos, but also the restoration of their confidence in the market.
In addition, the platform can boast of having implemented stricter measures in the fight against money laundering. Thus, it has tightened the procedure of know-your-customer or KYC and implement standards to limit access to its platforms to people in bad faith.
Biget, an ambition to establish itself on the Asian market
If it is true that the Bitget platform aims to provide its products and services worldwide, the Asian market is very attractive. Indeed, Asia has millions, if not billions of individuals who can become users of the platform.
Moreover, it should be noted that the regulatory measures in Asia are more flexible when it comes to cryptocurrencies, therefore, the continent represents a kind of “crypto platform paradise”.
To illustrate this, it should be remembered that Singapore and other Asian states are fiercely advocating for the establishment of crypto platforms in their territories.