BitGet, a Seychelles-based cryptocurrency exchange, has recently launched a $100 million fund to support Web3 startups in Asia. This move comes at a time when East Asian countries are increasingly focusing on promoting crypto and Web3 development, with Hong Kong seemingly easing its crypto regulations and Japan approving a whitepaper for Web3 development.
The BitGet Web3 Fund will focus on BUIDL (building) and driving the adoption of crypto and Web3. Gracy Chen, the Managing Director of BitGet, stated in a press release to CoinDesk that “Despite the bear run, BitGet has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023.”
The fund is self-funded, thanks to BitGet’s steady development and fast-growing business. A spokesperson for BitGet stated that the company is debt-free with adequate cash flow. This move comes after BitGet invested $30 million into BitKeep, a decentralized multi-chain wallet.
With this new fund, BitGet aims to support promising and innovative Web3 startups in Asia, especially as the region builds out a framework for developing Web3. The spokesperson for BitGet also stated that the fund will target startups across various sectors, including DeFi, NFTs, and gaming.
This new fund from BitGet is well-timed, as the demand for Web3 startups and crypto investments is rapidly growing in Asia. With the company’s self-funded approach and commitment to driving the adoption of crypto and Web3, BitGet is well-positioned to support the growth of the industry in the region.
