cryptoslate.com
Crypto exchange Bitget (BGB) announced establishing a $100 million fund to support Web3 projects in Asia.
The Bitget Web3 fund will focus on investing in Venture Capital firms that are looking to help out Web3 companies located in Asia and other Web3 projects that offer unique value.
The fund
The Bitget Web3 fund is a part of Bitget’s “go beyond derivative” strategy set for 2023. As a part of this strategy, Bitget aims to become more than a trading platform and transform itself into a “reliable, convenient, and secure link” that connects the worlds of DeFi and CeFi.
In addition to providing financial support for the development of Web3, the fund also aims to create a positive attitude towards the Web3 ecosystem and digital currencies.
Bitget Managing Director, Gracy Chen, emphasized the need for such initiatives and stated:
“We can see that Web3 space is evolving rapidly and many projects deserve the support to further advance such development and make Web3 a truly global phenomenon, as Web2 had once become.
That is why the Bitget Web3 Fund will strive to seek out projects that have the most impact on this process.”
Chen also noted that Bitget is aware of the importance of accountability in the Web3 space. Therefore, she assured the community that Bitget is “taking a fully conscious and responsible approach” while dealing with investments, which serves its purpose of positioning itself as the trustworthy link between Web3 and traditional finance.
Asia Crypto
Even though the announcement says that the fund will primarily look to promote Web3 initiatives located in Asia, it doesn’t disclose the reason why.
In July 2022, Bitget collaborated with Boston Consulting Group (BCG) and Foresight Ventures to examine the potential for crypto expansion and published the results as a report. The study concluded that the real crypto expansion was yet to come. Moreover, its estimations pointed at Latin America and the Asia Pacific regions as the regions with the most significant potential for crypto expansion.
Bitget considered these findings when deciding future steps. In Feb., Bitget partnered with a fintech company located in Latin America to participate in Brazil’s and Argentina’s central bank digital currency (CBDC) projects. Now, it is stepping into the Asia Pacific region with the Bitget Web3 fund.
Prominent crypto executives also agree that Asia carries the potential to lead the future crypto expansion. In March, Sora Ventures founder Jason Fang gave an exclusive interview with CryptoSlate‘s Akiba, discussing Asia’s potential to be the main drive behind the next crypto bull run.
According to Fang, Asia offers flexible regulations that make it easier for startups to onboard users. In addition, different regions in Asia adopted their own regulatory approaches and have their own ways of scaling and doing business, which provide further flexibility and potential to Web3 companies.