Seychelles-based crypto exchange Bitget has started a new $100 million fund targeting Web3 startups as Asian countries build frameworks for Web3 development.
East Asian countries have made strides to promote cryptocurrencies over the past few months, with Hong Kong appearing to relax crypto regulations and Japan approving a white paper for Web3 development last week.
"Even though the market is still in a bear period, Bitget has always supported promising and innovative projects as well as the development of the Web3 environment with a focus on BUIDL. The launch of the Bitget Web3 Fund is a continues our ongoing efforts to drive cryptocurrency and Web3 adoption, reflecting our 'Go beyond derivative' strategy in 2023,” Gracy Chen, CEO of Bitget, shared with CoinDesk in a statement.
A Bitget spokesperson said that the fund is self-funded. She also said: “Bitget is debt-free with adequate cash flow, thanks to its stable development and fast-growing business"
The launch of the fund comes after Bitget invested $30 million in decentralized multi-chain wallet BitKeep.
