Bitget's New Fund to Invest $100 Million in Next-Gen Web3 Projects
- Bitget, a crypto derivatives exchange, has launched a new fund with an initial investment of $100 million to support the next generation of Web3 projects globally
- The fund will target Web3-friendly venture firms and projects, with a focus on Asian projects from experienced teams with real-world problem-solving initiatives
- Bitget plans to expand its spot trading, launchpad, and Bitget Earn products in 2023, and has recently acquired the BitKeep wallet for $30 million as part of its efforts to support the growth of Web3 projects and expand its offerings in the crypto space
Crypto Derivatives Exchange Bitget Launches $100 Million Fund
Bitget, a crypto derivatives exchange, has announced the launch of a new fund aimed at supporting the next generation of Web3 projects with an initial investment of $100 million. The fund will target Web3-friendly venture firms and projects globally, with a particular focus on Asian projects from experienced teams with clear roadmaps and real-world problem-solving initiatives.
Bitget has identified the rapid evolution of the Web3 space and aims to support projects that have a significant impact on the development of Web3 as a global phenomenon. The Bitget Web3 Fund will make an effort to find projects that have the greatest influence on this process, according to Gracy Chen, managing director of Bitget.
The exchange has also identified potential partners for the initiative, including venture capitalists such as 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 global expansion.
Bitget, which has attracted over 80,000 traders and 380,000 copy traders since its launch in 2018, plans to expand its spot trading, launchpad, and Bitget Earn products in 2023. The BitKeep wallet, a Web3 access gateway with more than 9.5 million users, was just purchased by the exchange for $30 million.
Notably, during the bear market in 2022, Bitget launched a $200 million fund to safeguard users' assets and restore investor confidence. The exchange has also implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to ensure the security and integrity of its services.
Overall, Bitget's new fund with an initial investment of $100 million reflects the exchange's commitment to supporting the growth and development of Web3 projects and its focus on expanding its offerings and partnerships in the crypto space.
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