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Bitget Exchange Announces the Opening of a $100 Million Fund for Asian Web3 Entrepreneurs

April 13, 2023 Asia Emerging Markets

Since there are many startup ventures in the Web3 field that have a great idea but lack funding, financial backing is probably the biggest growth barrier. In light of this, Bitget, a cryptocurrency derivatives exchange based in the Seychelles, has introduced a fund for Asian cryptocurrency businesses that focuses on Web3 development. The fund will launch with a $100 million first investment, according to the release.

While Bitget wants to look for venture capitalists and web3-friendly firms globally, the investment will be given preference to Asian projects with clear roadmaps and experienced teams. Venture capitalists like ABCDE Capital, Foresight Ventures, and many more could collaborate with Bitget on its funding plan.

Detail of Bitget’s Web3 Fund Support Initiative
The cryptocurrency exchange has consistently supported a number of programs aimed at accelerating acceptance of cryptocurrencies. The exchange’s dedication to that direction is further evidenced by its new funding effort.

Bitget’s managing director, Gracy Chen, outlined the rationale behind the exchange’s new Web3 fund in a statement. Significantly, Bitget has determined that assisting Web3 projects is essential to boosting the industry’s development and ensuring its globalization.

The executive claims that this is the reason Bitget’s Web3 fund concentrates on exceptional initiatives with practical solutions and the greatest influence on Web3 development. Chen also mentioned that the platform’s team laid out the requirements for project selection and will carefully abide by them.

Many venture capital firms, including Foresight Ventures, DAO Maker, ABCDE Capital, and Dragonfly Capital, have previously backed the exchange. To support Bitget’s intentions for international expansion, Dragonfly just disclosed a $10 million investment in the exchange.

According to a press release from Bitget, the exchange will implement a “go-beyond derivative” approach in 2023 when its new funding initiative is introduced. With its funding endeavor, Bitget seeks to promote a favorable perception of cryptocurrencies and assist with the growth of the Web3 ecosystem. Additionally, Bitget intends to aid financial innovation in Asia and is confident that its platform may act as a trustworthy bridge between the DeFi and CeFi worlds.

Focusing on Asia Markets: Crypto Exchange
There are other cryptocurrency exchanges besides Bridget that are interested in the Asian market. The Asian crypto sector is being further penetrated by Huobi and Binance, two cryptocurrency exchanges. Binance previously stated aspirations to re-enter South Korea and is purchasing Gopax as a starting point in the midst of its Hong Kong plans in January.

The acquisition actions for Gopax, one of the biggest cryptocurrency exchanges in South Korea, show Binance’s commitment to growing in the region. Also, as part of its Asia development strategy, Binance purchased Tokocrypto, an Indonesian cryptocurrency exchange, in December 2022.

Huobi made intentions to move its Asia Headquarters from Singapore to Hong Kong public on February 23. Huobi also disclosed plans to establish itself as Hong Kong’s first fully licensed cryptocurrency exchange. It also has intentions to launch Huobi Hong Kong, a brand-new cryptocurrency exchange.

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