Bitget, the esteemed crypto exchange, has recently launched some new funds that are specifically geared toward promoting several upcoming Web3 projects. The fund has already amassed an impressive $100 million for its initial investment, which underscores Bitget’s unwavering confidence in the future of Web3.
Main Goal of this Fund
The main objective of this fund is to provide financial backing to Web3-friendly venture firms and projects on a global scale. More specifically, Bitget is committed to investing in Asian projects that boast experienced teams with clear roadmaps and a resolute dedication to addressing real-world issues.
As the Web3 landscape continues to undergo rapid transformations, there are a plethora of projects that require backing to advance this development and make Web3 a truly global phenomenon, similar to Web2’s success. This is precisely why the Bitget Web3 Fund is dedicated to identifying and supporting projects that have the greatest impact on this process, as stated by Gracy Chen, Managing Director of Bitget.
The exchange has indicated that potential collaborators in this initiative include top-notch venture capitalists such as SevenX Ventures, Foresight Ventures, DAO Maker, and ABCDE Capital, in addition to Dragonfly Capital, which recently invested $10 million in Bitget to assist its ongoing worldwide expansion.
As a reputable exchange, Bitget boasts an impressive track record. Since its inception in 2018, it has garnered over 80,000 traders and around 380,000 copy traders. Moving forward, Bitget aims to expand its spot trading, launchpad, and Bitget Earn products in 2023, further strengthening its presence in the industry.
Recent Moves by Bitget
In a strategic move, Bitget has recently owned the BitKeep wallet, which serves as Web3 access gateway and boasts a remarkable user base of around 9.5 million individuals, for a sum of $30 million.
During the challenging bear market last year, Bitget launched a $200 million fund to safeguard users’ assets and restore investors’ confidence.
Furthermore, Bitget has also implemented rigorous Know Your Customer (KYC) policies along with some Anti-Money Laundering (AML) policies. These measures are aimed at keeping malicious actors out of the platform and fostering a safe and secure environment for all users.