Bitget, a leading crypto derivatives and copy trading platform, has launched the Bitget Web3 Fund with an initial investment of $100 million during the Hong Kong Blockchain Week. The fund will focus on investing in Web3-friendly venture capital and exceptional Web3 projects to support the development of the next generation of crypto projects.
Bitget is implementing a ‘Go beyond derivative’ strategy this year, with the objective of cultivating a positive outlook towards the digital currency economy and aiding the growth of the Web3 environment.
The Bitget Web3 Fund will search for venture capital and projects on a global scale, while giving priority to partners in Asia who present creative solutions to real-world issues, possess a clear direction, and have an experienced team.
“We can see that the Web3 space is evolving rapidly, and many projects deserve support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become. That is why the Bitget Web3 Fund will strive to seek out projects that have the most impact on this process,” said Gracy Chen, Managing Director of Bitget.
Over the years, Bitget has been a patron of various campaigns aimed at promoting the use of cryptocurrencies. As part of the ‘Go beyond derivatives’ strategy, the exchange has acquired numerous Web3 applications in recent months. Additionally, Bitget has committed to supporting Juventus as a sleeve sponsor and the Juventus Women’s Team as a general sponsor for the 2022-2023 season.
To make a substantial entry into the Web3 industry, Bitget has recently procured the BitKeep wallet, which serves as a Web3 access gateway for more than 9.5 million users. This acquisition is expected to bolster the Web3 browsing experience for Bitget users. Furthermore, Bitget will host various events and challenges to encourage individual initiatives and foster community spirit among its users.
Bitget told AlexaBlockchain that it has received inquiries from VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for potential partnerships. The exchange’s team of analysts has already outlined the criteria for project selection and will adhere to them strictly.
“We strive to support financial innovation in Asia and believe that our platform can act as a reliable, convenient, and secure link between the worlds of DeFi and CeFi,” added Gracy Chen.
The Bitget Web3 Fund will play an essential role in supporting the development of the next generation of crypto projects and promoting the adoption of cryptocurrencies worldwide.