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Bitget cryptocurrency exchange (BGB) Announced establish a $100 million fund to support Web3 projects in Asia.
The Bitget Web3 fund will focus on investing in venture capital firms looking to help Web3 companies located in Asia and other Web3 projects that offer unique value.
The bottom
The Bitget Web3 fund is part of Bitget’s “go beyond derivatives” strategy set by 2023. As part of this strategy, Bitget aims to become more than a trading platform and transform into a “trusted, convenient and secure link ” that connects the worlds of DeFi and CeFi.
In addition to providing financial support for the development of Web3, the fund also aims to create a positive attitude towards the Web3 ecosystem and digital currencies.
Bitget CEO Gracy Chen stressed the need for such initiatives, stating:
“We can see that the Web3 space is rapidly evolving and many projects deserve support to further advance that development and make Web3 a truly global phenomenon, as Web2 once was.
That is why the Bitget Web3 Fund will strive to find projects that have the greatest impact on this process.”
Chen also noted that Bitget is aware of the importance of responsibility in the Web3 space. Thus, he assured the community that Bitget is “taking a fully conscious and responsible approach” in dealing with investments, which serves its purpose of positioning itself as the trusted link between Web3 and traditional finance.
Crypto Asia
Although the announcement says that the fund will mainly seek to promote Web3 initiatives located in Asia, it does not reveal the reason.
In July 2022, Bitget collaborated with Boston Consulting Group (BCG) and Foresight Ventures to examine the expansion potential of cryptocurrencies and published the results as a report. The study concluded that the real crypto expansion was yet to come. Furthermore, their estimates pointed to Latin America and the Asia Pacific regions as the regions with the most significant potential for cryptocurrency expansion.
Bitget considered these findings when deciding on future steps. In February, Bitget associated with a fintech company located in Latin America to participate in the central bank digital currency (CBDC) projects of Brazil and Argentina. Now, it is entering the Asia Pacific region with the Bitget Web3 fund.
Leading cryptocurrency executives also agree that Asia has the potential to lead the future expansion of cryptocurrencies. In March, the founder of Sora Ventures jason fang gave an exclusive interview with CryptoSlate‘s herediscussing the potential for Asia to be the main driver of the next crypto bull run.
According to Fang, Asia offers flexible regulations that make it easy for new companies to onboard users. In addition, different regions in Asia have adopted their own regulatory approaches and have their own ways of scaling and doing business, providing greater flexibility and potential for Web3 companies.
