Monetary support is likely the major growth drawback in the Web3 space, as there are several startup projects with clear vision but lacking capital. On that note, Bitget, a Seychelles-based crypto derivatives exchange, has launched a Web3 development-focused fund for crypto startups in Asia. According to the announcement, the fund will kick off with an initial investment of $100 million.
While the funding will prioritize Asian projects with clear roadmaps and experienced teams, Bitget plans to seek out venture capitalists and web3-friendly startups globally. Potential partners in Bitget’s funding initiative include venture capitalists such as ABCDE Capital, Foresight Ventures, and many more.
Bitget’s Web3 Fund Support Initiative in Detail
The crypto exchange has been a committed supporter of several initiatives focused on advancing crypto adoption. Its new funding initiative further reflects the exchange’s commitment to that course.
In a statement, Gracy Chen, Bitget’s managing director, highlighted the reason behind the exchange’s new Web3 fund. Notably, Bitget has identified that supporting Web3 projects is a key to further advancing the growth in the Web3 space and making it a global industry.
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According to the executive, it is why Bitget’s Web3 fund targets outstanding projects with real-world solutions and the most impact in Web3 development. In addition, Chen noted that the platform’s team outlined the criteria for project selection and will adhere strictly to them.
The exchange has already received support from many venture capitalist firms, including Foresight Ventures, DAO Maker, ABCDE Capital, and Dragonfly Capital. More so, Dragonfly recently revealed a $10 million investment in Bitget to support the exchange’s global expansion plans.
A Bitget’s press release revealed that the exchange is adopting a “go-beyond derivative” strategy in 2023 with the launch of its new funding initiative. Bitget aims to foster a positive attitude towards cryptocurrencies and support development in the Web3 ecosystem with its funding project. Also, Bitget plans to support financial innovation in Asia and believes its platform can provide a reliable link between DeFi and CeFi worlds.
Bitget’s ‘Go beyond derivatives’ strategy recently saw the crypto exchange acquire several Web3 applications, including the BitKeep Wallet. Recently, Bitget acquired the BitKeep Wallet, a Web3 access gateway with more than 9.5 million users, for $30 million.
Crypto Exchange Zeroing In On Asia Markets
Meanwhile, Bridget isn’t the only cryptocurrency exchange eying the Asian market. Crypto exchanges Huobi and Binance are pushing deeper into the Asian crypto market. Earlier in January, amid its Hong Kong plans, Binance revealed intentions to re-enter South Korea and is acquiring Gopax as a starting point.
The acquisition moves for one of the largest cryptocurrency exchanges in South Korea, Gopax, reflect Binance’s determination to expand in Asia. In addition, Binance acquired Tokocrypto, an Indonesian crypto exchange, in December 2022, as part of its Asia expansion plan.
On February 23, Huobi announced plans to relocate its Asia Headquarters from Singapore to Hong Kong. In addition, Huobi revealed plans to become the first fully regulated crypto exchange in Hong Kong. It also plans to establish a new crypto exchange called Huobi Hong Kong.
Featured image from Pixabay and chart from TradingView.com