Exchange for crypto derivatives Bitget established a new fund with the goal of assisting the Web3 initiatives of the future. The fund will receive an initial investment of $100 million.
Bitget Announces $100 Million Web3 Fund for Asian Cryptocurrency Projects
According to the exchange platform, the exchange will focus on sponsoring venture companies and initiatives that are Web3-friendly globally. It will concentrate on Asian projects from seasoned teams working on practical issues with clear road maps.
“We can see that Web3 space is evolving rapidly and many projects deserve the 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,”
Gracy Chen, managing director of Bitget
About Initial Investment
According to an exchange spokesman, the $100 million represents an “initial investment” and the fund is anticipated to increase over time. Moreover, they added that it is also self-funded, using the exchange’s excellent financial situation. A $100 million allocation to the venture fund has also been confirmed by them.
Also, the exchange platform is looking to collaborate with possible partners from the venture capital firms Dragonfly Capital, SevenX Ventures, DAO Maker, ABCDE Capital, and Foresight Ventures. These companies “will share their financial and technological expertise, and provide advisory support,” the company’s representative stated.
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