Crypto derivatives exchange Bitget has launched a new fund focused on backing next-generation Web3 projects. According to a statement, $100 million will be invested in the fund as an initial investment.
Bitget says its goal is to fund Web3-friendly venture capital firms and projects around the world. It will focus on Asian projects from experienced teams with a clear roadmap that are solving real-world problems. "We can see that the Web3 space is growing rapidly, and many projects should be supported to push this further and make Web3 a truly global phenomenon, as Web2 once was. That's why the Bitget Web3 Foundation will work hard to find The project that has the most impact on the process," said Gracy Chen, managing director of Bitget.
According to the exchange, potential partners in the program include several venture capitalists including 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 continued global expansion. Bitget revealed that since its launch in 2018, it has attracted more than 80,000 traders and 380,000 copy traders. The exchange plans to expand spot trading, launchpad and Bitget Earn offerings in 2023. Bitget recently acquired BitKeep Wallet a Web3 access gateway with over 9.5 million users for $30 million.
During last year's bear market, the exchange also launched a $200 million fund to protect users' assets and restore investor confidence. Bitget has committed to securing the value of the fund within three years. Additionally, the exchange claims to have implemented strict know-your-customer (KYC) and anti-money laundering (AML) policies last year to prevent bad actors from engaging with its services.
