Bitget’s new fund will receive $100 million as an initial investment to support the next generation of Web3 projects.
Crypto derivatives exchange Bitget launched a new fund focused on supporting the next generation of Web3 projects. According to a statement seen by Cointelegraph, $100 million will be invested in the fund as an initial investment.
Bitget says it will target funding Web3-friendly venture firms and projects worldwide. It will focus on Asian projects from experienced teams with clear roadmaps that are working on real-world problems.
“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,” said Gracy Chen, managing director of Bitget.
According to the exchange, potential partners in the initiative include several venture capitalists such as Foresight Ventures, ABCDE Capital, SevenX Ventures and DAO Maker, as well as Dragonfly Capital — which recently announced a $10 million investment on Bitget to support its ongoing global expansion.
Bitget revealed that since launching in 2018, it has attracted over 80,000 traders and 380,000 copy traders. The exchange plans to expand spot trading, the launchpad and Bitget Earn products in 2023. Bitget recently acquired the BitKeep wallet — a Web3 access gateway with over 9.5 million users — for $30 million.
During last year’s bear market, the exchange also launched a $200 million fund to safeguard users’ assets and restore investors’ confidence. Bitget pledged to secure the fund’s value for three years. In addition, the exchange claims to have implemented strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies last year to keep bad actors out of its services.