Bitget, a top 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 company said.
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 prioritise 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.
“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.
“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,” said Chen.
Bitget has been a supporter of numerous endeavors aimed at advancing the adoption of cryptocurrencies, the company said.