Seychelles-based crypto exchange Bitget has started a $100 million fund targeting Web3 startups as Asian countries build a framework for developing Web3.
East Asian countries have been making strides to promote crypto in the last few months, with Hong Kong seemingly easing its crypto regulations and Japan approving a white paper for Web3 development last week.
"Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. 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,†Gracy Chen, managing director of Bitget, said to CoinDesk in a statement.
A spokeswoman for Bitget said that the fund is self-funded. “Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business,†she said.
The launch of this fund comes after Bitget invested $30 million into decentralized multi-chain wallet BitKeep.
Read more: Japan Approves Web3 White Paper to Promote Industry Growth in the Country
