Bitget Announces $100M Web3 Fund: Empowering Asia's Crypto
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Bitget Announces $100M Web3 Fund: Empowering Asia's Crypto

written by John Murphy | April 11, 2023

Bitget, one of the leading cryptocurrency exchanges in Asia, has recently announced the launch of a $100M Web3 fund aimed at supporting innovative crypto projects in Asia.

The move highlights the increasing interest in decentralized finance and blockchain technology in Asia and the growing need for funding to drive the development of new and promising projects.

Key Takeaways:

  • Bitget launches a $100M Web3 fund to support global blockchain projects and highlight the growing interest in decentralized finance and blockchain in Asia.
  • Bitget, a top cryptocurrency exchange in Asia, will manage the fund and has potential partners like Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker.
  • Bitget’s acquisition of BitKeep wallet with 9.5M users allows them to expand their blockchain-based services, including spot trading, launchpad, and Bitget Earn products in 2023.
  • Japan promotes WEB3, stablecoins, and NFTs, while China uses NFTs for trading, as part of its digital economy.
  • Bitget’s success in attracting 380,000 copy traders and 80,000 traders since 2018 is due to the growth of blockchain in Asia, including China, Japan, South Korea, and Singapore.

The fund will be managed by Bitget, the leading cryptocurrency exchange in Asia, which has a track record of successfully investing in blockchain startups. In the recent Year the growth in blockchain has been seen in the region termed Crypto Asia

Source: beincrypto

This includes countries such as China, Japan, South Korea, Singapore, and others where there is a growing interest in digital assets and decentralized systems

According to the company, the Web3 fund will provide financial support and resources to startups and developers working on blockchain-based applications.

Bitget has announced that blockchain companies in Asia, including Foresight Ventures, ABCDE Capital, SevenX Ventures, and DAO Maker, as well as Dragonfly Capital, have expressed interest in partnering with the company’s Web3 fund initiative.

DAO maker
Source: bitcoinist

These potential partners will provide additional funding and resources to the Web3 fund, allowing Bitget Labs to support a greater number of innovative blockchain-based projects across Asia and worldwide.

Sayar Mendis took to Twitter to make an announcement, sharing important news with her followers, who reported that Bitget had launched a $100 million Web3 fund to support blockchain-based projects in Asia and worldwide.

Additionally, to these service expansions, Recently BitKeep wallet is acquired by Bitget for $30 million. The BitKeep wallet is a Web3 access gateway with over 9.5 million users, making it a significant addition to Bitget’s portfolio of services. This acquisition will allow Bitget to offer users a comprehensive suite of blockchain-based services.

The Japanese national strategy also promotes WEB3, as the Japanese cryptocurrency is named Coinbase and Kraken.

These are withdrawn from Japan and a new Japanese crypto coin named stablecoin is now banned in Japan but soon has a noon trend to follow.

Bitget has announced its plans to expand its services in 2023. It is noted that 380,000 copy traders and 80,000 traders are attracted by this exchange Since its launching in 2018.

To build on this success, Bitget plans to expand its spot trading, launchpad, and Bitget Earn products in the coming year, providing users with even more options for trading and earning on the platform.

Bitflyer crypto is used or traded in Japan as this is the most popular crypto in Japan. NFTs (non-fungible tokens) are promoted as a digital economy and are crypto used by China for trading. The biggest cryptocurrency exchange in South Korea at the time was Upbit, with a 24-hour trading volume of almost two billion dollars.