Bitget, a Seychelles-based cryptocurrency exchange, has recently launched a new $100 million fund that is aimed at providing financial support for promising Web3 startups in Asia. Web3 is the latest phase of the global blockchain revolution, and Asia is at the frontline of advancing this technology.

This initiative reflects Bitget’s 'Go beyond derivative' strategy and follows the recent news that Tokyo approved a whitepaper for Web3 development. The East Asian region is quickly becoming one of the biggest supporters of the crypto industry. Hong Kong, for example, already relaxed its crypto regulations, opening up new space for investments and projects.

According to the company’s Managing Director of Bitget, Gracy Chen, the fund is a continuation of Bitget’s efforts to promote crypto adoption as well as the evolution of Web3. Bitget also recently invested $30 million into the decentralized multi-chain wallet BitKeep, demonstrating the exchange’s commitment to providing financial support to the blockchain industry.

Bitget’s $100 million Web3 fund is self-funded — the company is debt-free and currently has enough cash flow to support its steady growth. This shows the development of Asian countries in the crypto space, and, as the Bear Market continues, we could expect to see more projects and initiatives like this emerge.

Bitget’s new $100 million fund is a clear sign of the rising popularity of blockchain in the East Asian region and will likely contribute to further development of the Web3 ecosystem. By continuing to invest in the blockchain space and providing innovative projects with necessary resources, Bitget is helping to move Web3 technology forward in the global market.



Other News from Today