During the Hong Kong Blockchain Week, Bitget, a well-known bitcoin derivatives and copy trading platform, announced the opening of its Bitget Web3 Fund. By investing in venture capital that is Web3-friendly and extraordinary Web3 companies, the fund, which has a $100 million initial investment, seeks to assist the development of the next generation of crypto projects.
Bitget's "Move beyond derivative" plan for 2023 places an emphasis on the growth of the Web3 ecosystem and promotes a favourable outlook on the market for digital currencies. The Bitget Web3 Fund will concentrate on VCs and projects worldwide, but will give preference to partners in Asia who have a clear path, an accomplished team, and creative answers to pressing issues. Numerous VCs have expressed interest in working with the Bitget Web3 Fund, including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital.
“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.
Bitget has backed various programmes to encourage the use of cryptocurrencies. The exchange has purchased many Web3 applications and committed to supporting Juventus Women's Team as a general sponsor and sleeve sponsor for the 2022–2023 season. To improve Bitget users' Web3 browsing, the exchange recently bought the BitKeep wallet, a Web3 access gateway with over 9.5 million users. To encourage individual initiatives and group spirit, Bitget is also planning events and competitions.