Bitget, the international crypto derivatives exchange based in Seychelles, has established a new $100 million fund to foster the growth of Asian Web3 projects.
The Web3 space is expanding at an unprecedented pace, and many projects require financial support to realize their full potential.
The fund will focus on Asian initiatives with seasoned teams and well-designed roadmaps that offer practical solutions to genuine challenges.
This initiative received the backing of venture capital firms such as Foresight Ventures, ABCDE Capital, SevenX Ventures, DAO Make, and Dragonfly Capital.
The latter recently invested approximately $10 million in Bitget. The exchange has consistently backed innovative and promising projects.
With the creation of this new fund, Bitget aims to make Web3 a global phenomenon similar to Web2.
The exchange’s managing director expects this move to allow them to move beyond derivatives in 2023.
This isn’t the exchange’s first fund; last year, it launched a $200 million fund to safeguard investors and restore their faith in cryptocurrencies during an extended bear market trend.
It’s worth noting that Bitget trading platform has recently integrated BitKeep’s decentralized multi-chain wallet services to enhance the security of storing crypto assets.