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.
The fund, known as the Bitget Web3 fund, will mainly invest in Venture Capital firms that offer assistance to Web3 companies in Asia and other unconventional Web3 projects.
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
