2 - 4 minute read
Bitget, a Seychelles-based crypto exchange, announced the launch of a new $100 million fund to target emerging Web3 startups in Asia. The exchange aims to expand the Web3 development framework in the region amid increased cryptocurrency regulation in some East Asian countries. Hong Kong’s regulatory environment on cryptocurrency has eased significantly, and Japan has approved a Whitepaper for Web3 development, signaling a push for the growth of the industry.
The Managing Director of Bitget, Gracy Chen, stated her intentions to continue driving the adoption of cryptocurrencies and the development of the Web3 environment with great focus on BUIDL. As a reflection of this, the Bitget Web3 Fund is part of the firm’s ongoing efforts to ensure that their strategy in 2023 goes beyond derivative trading. The firm has always supported promising and innovative projects, offering its support for the development of the Web3 environment despite the ongoing bear run in the crypto space.
The fund is self-funded, and according to a Bitget’s spokesperson, the exchange is debt-free and has adequate cash flow to sustain its operations. The exchange has maintained steady growth in its business over time, fast becoming a reliable option for cryptocurrency investors.
The launch of the Bitget Web3 Fund is a continuation of Bitget’s ongoing efforts to support innovative and intriguing projects, with the aim of encouraging the adoption and integration of Web3 in the Asian market. With the rise of cryptocurrency regulation across the East Asian region, the push for Web3 development is increasing. Bitget’s efforts to launch such a fund in the midst of these challenges, lays a foundation for a brighter future for Web3 development.
This announcement comes after the exchange recently invested $30 million in BitKeep, a decentralized multi-chain wallet. The investment shows the exchange’s determination and commitment to the development of the Web3 environment.
Advice to traders
While cryptocurrency trading in East Asia remains challenging due to regulation, there is a renewed interest in developing the Web3 space. Bitget is making significant efforts to support these developments in the Asian market, signaling the potential for growth in the sector. Given these factors, cryptocurrency traders should consider adding emerging Web3 startups in their portfolios, as the rise of crypto regulation in Asia shows signs of easing up, making room for development and growth.