Crypto Exchange BitGet Starts $100M Asia-Focused Web3 Fund – Bitget, a platform for crypto derivative and copy trading, announced its Bitget Web3 Fund during the Hong Kong Blockchain Week. With an initial investment of $100 million, the fund intends to support the development of new crypto initiatives by investing in venture capital firms and projects that are friendly to Web3.
As a component of its “Go Beyond Derivative” strategy for 2023, Bitget’s Web3 Fund is geared towards encouraging a favorable outlook on the digital currency economy and supporting the growth of the Web3 ecosystem. While the Bitget Web3 Fund will evaluate venture capital firms and projects on a global scale, it will give preference to Asian partners who possess a clear roadmap, an experienced team, and creative solutions for real-world obstacles.
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Bitget has already been approached by prominent venture capital firms, including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital, expressing interest in collaborating with the platform. Upon the launch, Gracy Chen, the Managing Director of Bitget, remarked that the Bitget Web3 Fund would focus on recognizing projects that have a significant influence on the ongoing advancement of the Web3 space.
“We strive to support financial innovation in Asia and believe that our platform can act as a reliable, convenient, and secure link between the worlds of DeFi and CeFi. Our team of analysts has already outlined the criteria for project selection and will adhere to them strictly,” Chen added. The Managing Director of Bitget also underscored the significance of accountability when investing in innovative projects.
Bitget has been actively promoting the adoption of cryptocurrencies in recent months by supporting various initiatives. As part of its “Go Beyond Derivatives” plan, the company has procured several Web3 applications, promised to support Juventus as a sleeve sponsor, and acted as a general sponsor for the Juventus Women’s Team throughout the 2022-2023 season.
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Bitget has been making strategic acquisitions and introducing innovative features to enhance the Web3 browsing experience for its users. One such acquisition is the BitKeep wallet, a Web3 access gateway with nearly ten million users. Additionally, in December, the company launched a new DeFi feature called MegaSwap, enabling investors to swap or trade digital assets for over 10,000 crypto assets in the decentralized finance realm.
Nonetheless, Bitget’s recent endeavors have not gone without dispute. Japan’s Financial Services Agency (FSA) cautioned against four international cryptocurrency exchanges, including Bitget, for allegedly conducting business in the country without proper local registration. The other exchanges in question are Bybit, BitForex, and MEXC Global.
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