Crypto exchange Bitget launches a $100 million Web3 Fund to support next-generation crypto projects in Asia
2022 was a terrible time for crypto investors. The last few months were marked with horror stories of investors losing their personal savings to the collapse of Celsius, Terra Luna, BlockFi, FTX, and others. Hundreds of retail investors even went as far as sending letters to bankruptcy judges to share their stories of how they lost their money.
It was also during that period that crypto exchange Bitget launched a $200 million protection fund to secure and safeguard users’ digital assets with the goal of providing security and ensuring a secure and safe trading experience for users around the world. The fund was timely as it provided safeguards for Bitget users and the Bitget trading platform, while also helping to usher in a new era of safety and protection in the crypto space as a whole.
Fast forward seven months later, Bitget today launched its Web3 Fund with an initial investment of $100 million to support next-generation crypto projects in Asia. The company made the announcement during Hong Kong Blockchain Week. Bitget said the new 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.”
Founded in 2018, Bitget currently serves more than 2 million customers in 50 countries, The startup said it aims to contribute to the adoption of decentralized finance on a global scale. Since its launch, Bitget has become the world’s largest crypto copy trading platform, through the gaining popularity of its flagship One-Click Copy Trade products. According to CoinMarketCap, Bitget was ranked third globally, in terms of its derivatives volume as of January 2022.
This year, Bitget Exchange is implementing a “Go beyond derivative” approach by introducing the Bitget Web3 Fund. The aim of this initiative is to cultivate a favorable perception of the digital currency economy and facilitate the advancement of the Web3 ecosystem.
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.
“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,” as Gracy Chen, the Managing Director of Bitget, commented on the launch of the new fund.
Over the years, Bitget has championed several initiatives to promote the adoption of cryptocurrencies. As part of its new “Go beyond derivatives” strategy, the exchange has acquired multiple Web3 applications in recent months and has committed to supporting Juventus as a sleeve sponsor and the Juventus Women’s Team as a general sponsor for the 2022-2023 season.
Bitget has also made significant progress in the Web3 space with the acquisition of BitKeep wallet, a Web3 access gateway boasting over 9.5 million users, which will enhance the surfing experience of Bitget users. Additionally, Bitget is organizing several events and challenges to foster community spirit and support individual and collective endeavors.