CDS Crypto News Bitget Announces $100 Million Web3 Fund for Asian Cryptocurrency Projects
Crypto News

Bitget Announces $100 Million Web3 Fund for Asian Cryptocurrency Projects

587
Bitget Announces $100 Million Web3 Fund For Asian Cryptocurrency Projects

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.

References

www.cointelegraph.com

www.theblock.co

Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Bitcoin Act Gains Momentum in the US: A Potential $1 Million Bitcoin Price

The proposed Bitcoin Act in the U.S., supported by Cynthia Lummis and...

Binance Coin (BNB) Price Predictions: 2024-2030 Analysis

Binance Coin (BNB) Price Predictions: 2024-2030 Analysis

Stacks (STX) Price Analysis and Predictions for 2024 and Beyond

Stacks (STX) Price Analysis and Predictions for 2024 and Beyond

Internet Computer (ICP) Price Forecast: What Lies Ahead for 2024-2030?

Internet Computer (ICP) Price Forecast: The world of decentralized finance (DeFi) has...