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Bitget, a Seychelles-based crypto exchange, has launched a new $100 million fund targeting Web3 startups as Asian countries build a framework for Web3 development.
East Asian countries have made progress in promoting crypto in recent months, with Hong Kong appearing to ease its crypto regulations and Japan approving a white paper for Web3 development last week.
“Despite the bear race, Bitget has always supported promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive crypto and Web3 adoption, reflecting our Going Beyond Derivatives in 2023 strategy, Bitget CEO Gracy Chen told CoinDesk in a statement.
A Bitget spokesperson said the fund is self-funded. Bitget is debt-free and has adequate liquidity, thanks to its steady development and rapid growth, she said.
The launch of this fund comes after Bitget invested $30 million in the decentralized multi-chain wallet BitKeep.
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