Digital Assets: Crypto Derivatives Platform BitGet Launches Web3 Fund with $100M Initial Investment

Bitget, a crypto derivatives and copy trading platform, launched its Bitget Web3 Fund during the Hong Kong Blockchain Week, “with an initial investment of $100 million.”

The fund will “focus on investing in Web3-friendly venture capital and outstanding Web3 projects, with the goal of supporting the development of the next generation of crypto projects.”

The Bitget exchange is “adhering to a ‘Go beyond derivative’ strategy in 2023 with the launch of the Bitget Web3 Fund, which is intended to foster a positive attitude towards the digital currencies economy and support the development of the Web3 environment.”

The Bitget Web3 Fund will “seek out VCs and projects globally but prioritize partners in Asia that have a clear roadmap and an experienced team, and those that offer innovative solutions to real-world problems.” As of now, it has “received inquiries from VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for potential partnerships.”

Gracy Chen, the Managing Director of Bitget, commented on the launch of the new fund:

“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. We are taking a fully conscious and responsible approach in this regard and know how important accountability is when dealing with any innovative project requiring investments. We strive to support financial innovation in Asia and believe that our platform can act as a reliable, convenient, and secure link between the worlds of DeFi and CeFi. Our team of analysts has already outlined the criteria for project selection and will adhere to them strictly.”

Bitget has “been a supporter of numerous endeavors aimed at advancing the adoption of cryptocurrencies.”

The new ‘Go beyond derivatives’ strategy “saw the exchange acquire several Web3 applications in recent months and pledge its support as a sleeve sponsor to Juventus, and as a general sponsor to the Juventus Women’s Team for the 2022-2023 season.”

In a major move into the Web3 space, the exchange recently “acquired the BitKeep wallet — a Web3 access gateway with over 9.5 million users, which will further enhance the Web3 surfing experience for Bitget users.”

Bitget is also “launching numerous events and challenges for the community to support both individual initiatives and overall community spirit.

Established in 2018, Bitget claims it is among “the world’s leading cryptocurrency exchanges with futures trading and copy trading services as its key features.”

Reportedly serving over 8 million users in more than 100 countries and regions, the exchange is committed “to helping users trade smarter by providing a secure, one-stop trading solution.”


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