As Asian nations build a framework to develop Web3, Seychelles-based crypto exchange Bitget has launched a new $100 million fund aimed at Web3 startups.
East Asian countries have made strides to promote cryptocurrencies in the past few months, with Hong Kong appearing to ease crypto regulation and Japan last week approving a white paper for Web3 development. Did.
“Despite the bear run, Bitget has always supported promising and innovative projects and the development of a BUIDL-focused Web3 environment, reflecting our 2023 ‘Beyond Derivatives’ strategy.” Bitget managing director Gracie Cheng told CoinDesk in a statement.
A Bitget spokesperson said the fund is self-funded. “Bitget is cash-flow-rich and debt-free thanks to its steady development and fast-growing business,” she said.
The fund’s launch comes after Bitget invested $30 million in decentralized multi-chain wallet BitKeep.
