Seychelles-based crypto exchange Bitget has established a new $100 million fund targeted towards Web3 startups in the Asian region. This fund seeks to capitalize on the recent regulations introduced by East Asian countries to promote crypto and blockchain technology.
The move follows the footsteps of Huobi exchange, which has applied for a license to operate in Hong Kong. Japan has also approved a whitepaper for Web3 development.
Gracy Chen, the Managing Director of Bitget, remarked: “Bitget has always been supporting innovative projects and the Web3 environment. The launch of the fund is a demonstration of our commitment to the greater adoption of crypto and Web3.”
The fund is self-funded, as Bitget has adequate cash flow from its growing business. This comes after the exchange made a $30 million investment in the decentralized multi-chain wallet BitKeep.
The rise in crypto regulations in the US has driven crypto projects to seek other jurisdictions. Bitget’s new fund is a step towards helping these projects build in the Asian markets.
