Seychelles registered derivative and copy-trading platform Bitget has launched a $100 million Asia-focused fund to invest in Web3-friendly projects. The fund’s goal is to help support the development of the next generation of crypto projects.
The Bitget Web3 fund is part of the crypto platform’s new “Go beyond derivatives” strategy. It aims to promote a positive attitude towards the digital currency economy and support the development of the Web3 ecosystem. Bitget will prioritize experienced partners based in Asia that offer innovative solutions to real-world problems and have a clear roadmap.
The Asia-focused fund has received several inquiries for partnership. Venture capital firms like Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital have already reached out to the company.
Why Asia?
Regulators in the United States have increasingly been more hostile to the crypto space. The collapse of several Crypto companies like FTX has given government agencies a reason to openly lay siege to the digital assets industry. This has made it hard for crypto innovation and adoption to take place. Luckily there are friendlier Asian jurisdictions like Hong Kong and Dubai that embraces innovations instead of stifling them.
Asia is also home to a majority of the world’s population. It makes sense to invest in a location where more than half of all people live. In The 2022 Geography of Cryptocurrency Report, 2 Asian Countries led the Global Crypto Adoption Index. This shows that Asians are quick to adopt innovations and emerging technologies.
Hopefully, the initial $100 million fund will plant the seed for a better future for crypto and Web3 in the Asian Region. Success on the other side of the Pacific will hopefully help those in the West to see the benefits of digital assets.
About Bitget
Bitget is a leading cryptocurrency derivative and copy-trading platform that offers users a wide selection of digital assets. It is founded in 2018 and is registered in Seychelles. The exchange’s focus on innovation and ease of access has established the company as a major player in the crypto space.
The exchange was embroiled in controversy in 2021 when it listed the token Army Coin. The coin was supposedly named after the followers of the famous Korean Band BTS. Bitget was threatened with legal action by the management of BTS. This also prompted Singapore’s financial regulators to suspend Bitget’s license in the country.
Despite the setback, Bitget still kept on promoting the adoption of cryptocurrency and the development of Web3 space. The company has just recently acquired a majority stake in the decentralized wallet Bitkeep. It has invested $30 million in the multi-chain wallet.
Source: Bitget
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