Monetary support is likely the major growth drawback in the Web3 space, as there are several startup projects with clear vision but lacking capital. On that note, Bitget, a Seychelles-based crypto derivatives exchange, has launched a Web3 development-focused fund for crypto startups in Asia. According to the announcement, the fund will kick off with an initial investment of $100 million.
While the funding will prioritize Asian projects with clear roadmaps and experienced teams, Bitget plans to seek out venture capitalists and web3-friendly startups globally. Potential partners in Bitget’s funding initiative include venture capitalists such as ABCDE Capital, Foresight Ventures, and many more. Claim the JACKPOT with 55 FREE SPINS.
Signup today to redeem your bonus. Bitget’s Web3 Fund Support Initiative in Detail The crypto exchange has been a committed supporter of several initiatives focused on advancing crypto adoption. Its new funding initiative further reflects the exchange’s commitment to that course.
In a statement, Gracy Chen, Bitget’s managing director, highlighted the reason behind the exchange’s new Web3 fund. Notably, Bitget has identified that supporting Web3 projects is a key to further advancing the growth in the Web3 space and making it a global industry. Related Reading: Big Week Ahead For Bitcoin And Crypto: This Will Be Crucial BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.
io. Play Now! According to the executive, it is why Bitget’s Web3 fund targets outstanding projects with real-world solutions and the most impact in Web3 development. In addition, Chen noted that the platform’s team outlined the criteria for project selection and will adhere strictly to them.
The exchange has already received support from many venture capitalist firms, including Foresight Ventures, DAO Maker, ABCDE Capital, and Dragonfly Capital. More so, Dragonfly recently revealed a $10 million investment in Bitget to support the exchange’s global expansion plans. A Bitget’s press release revealed that the exchange is adopting a “go-beyond derivative” strategy in 2023 with the launch of its new funding initiative.
Bitget aims to foster a positive attitude towards cryptocurrencies and support development in the Web3 ecosystem with its funding project. Also, Bitget plans to support financial innovation in Asia and believes its platform can provide a reliable link between DeFi and CeFi worlds. Bitget’s ‘Go beyond derivatives’ strategy recently saw the crypto exchange acquire several Web3 applications, including the BitKeep Wallet.
Recently, Bitget acquired the BitKeep Wallet, a Web3 access gateway with more than 9. 5 million users, for $30 million. The crypto market cap currently stands at $1.
49 trillion in the daily chart. | Source: TOTAL chart from TradingView. com Crypto Exchange Zeroing In On Asia Markets Meanwhile, Bridget isn’t the only cryptocurrency exchange eying the Asian market.
Crypto exchanges Huobi and Binance are pushing deeper into the Asian crypto market. Earlier in January, amid its Hong Kong plans, Binance revealed intentions to re-enter South Korea and is acquiring Gopax as a starting point. The acquisition moves for one of the largest cryptocurrency exchanges in South Korea, Gopax, reflect Binance’s determination to expand in Asia.
In addition, Binance acquired Tokocrypto, an Indonesian crypto exchange, in December 2022, as part of its Asia expansion plan. Related Reading: Dogecoin Jumps 5% After Burger King Hints At Mysterious ‘BiteCoin’ On February 23, Huobi announced plans to relocate its Asia Headquarters from Singapore to Hong Kong. In addition, Huobi revealed plans to become the first fully regulated crypto exchange in Hong Kong.
It also plans to establish a new crypto exchange called Huobi Hong Kong. Featured image from Pixabay and chart from TradingView. com Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Jammy Hunts Jammy is a veteran writer in the cryptocurrency industry, with over a decade’s experience covering the latest trends and developments in the market. A recognized expert in the field, Jammy has contributed to some of the world’s leading publications, providing insightful analysis and in-depth coverage of the most important issues facing the crypto world today.
With a keen understanding of blockchain technology and its potential applications, Jammy is committed to educating readers about decentralized finance’s power and its transformative impact on the global financial system. Whether discussing the latest token offerings or exploring the potential of decentralized exchanges, Jammy brings a wealth of knowledge and expertise to every article. Related Posts Tencent Cloud Announces New Web3 Initiatives 2 months ago Web 3.
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From: bitcoinist
URL: https://bitcoinist.com/bitget-exchange-launches-a-100-million/