Bitget Aims to Fuel Web3 Growth with $100 Million Fund for Asian Projects
Bitget, a crypto exchange, has revealed its plan to establish a $100 million fund aimed at supporting Web3 projects in Asia.
This move is part of Bitget’s “go beyond derivative” strategy for 2023, which aims to position itself as a reliable, convenient, and secure link that connects the DeFi and CeFi worlds, not just a trading platform.
In addition to providing financial assistance to Web3’s growth, the Bitget Web3 fund hopes to foster a favorable attitude towards digital currencies and the Web3 ecosystem. Gracy Chen, Bitget’s Managing Director, underlined the importance of such initiatives and pledged to take a conscious and responsible approach when handling investments.
The fund’s focus on Asia is based on a report by Bitget, Boston Consulting Group (BCG), and Foresight Ventures, which identified the Asia Pacific and Latin America regions as having the most potential for crypto expansion.
Bitget has partnered with a fintech firm in Latin America and is now expanding into the Asia Pacific region with its Web3 fund. Industry leaders, including Sora Ventures founder Jason Fang, have noted Asia’s potential to lead future crypto expansion.
According to Fang, Asia’s flexible regulations and diverse approaches to scaling and doing business provide greater flexibility and potential to Web3 firms.