Bitget Launches $100M Asia-Focused Web3 Fund 2023

Bitget, a cryptocurrency exchange located in Seychelles, has established a fund with the goal of investing $100 million in Web3 firms at a time when Asian nations are building a framework for growing Web3.

In the past few months, governments in East Asia have been making moves to encourage cryptocurrency, with Hong Kong potentially lowering its crypto laws and Japan publishing a white paper for Web3 development only last week. Hong Kong is one of the countries.

As crypto ventures seek non-U.S. countries, the business launched its fund.

“In spite of the bear run, Bitget has always been supportive of new and creative initiatives, as well as the development of the Web3 environment with an emphasis on BUIDL. Gracy Chen, managing director of Bitget, provided the following statement to CoinDesk regarding the launch of the Bitget Web3 Fund

“The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023.”

According to a representative for Bitget, the fund is completely self-funded. She stated that because of Bitget’s consistent growth and rapid expansion, the company does not have any outstanding debt and has ample cash flow.
The establishment of this fund follows Bitget’s thirty million dollar investment in the decentralized multi-chain wallet known as BitKeep.

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