Seychelles-based cryptocurrency exchange Bitget has begun raising a new $100 million fund targeting Web3 startups as Asian countries build a framework for Web3 development.
East Asian countries have made strides to promote cryptocurrencies over the past few months, with Hong Kong appearing to relax cryptocurrency regulations and Japan approving a white paper for Web3 development last week .
"Despite the bearish price situation, Bitget has always supported promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of the Bitget Web3 Fund is a continuation of these efforts. Our efforts to drive crypto and Web3 adoption reflect our 'Beyond Derivatives' strategy by 2023,” Gracy Chen, CEO of Bitget, told CoinDesk in a declare.
A Bitget spokesperson said that the fund is self-funded and that “Bitget is debt-free with adequate cash flow, thanks to its steady growth and fast-growing business.”
The launch of the fund comes after Bitget invested $30 million in decentralized multi-chain wallet BitKeep.
