Crypto derivatives exchange Bitget has launched a new fund targeting next-generation Web3 projects and businesses in Asia, with an initial investment of $100 million, the firm said on Monday.
The Seychelles-based firm told crypto publication CoinDesk in a statement that the fund is self-funded, adding that Bitget is “debt-free with adequate cash flow.”
The Bitget Web3 Fund will focus on investing in “Web3-friendly” venture capital firms and Web3 projects to support the Web3 ecosystem development, per the release. It will prioritise partners in Asia that are equipped with a clear roadmap and experienced team, as well as those offering innovative solutions to solve real-world problems.
So far, the fund has received interest from several VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital.
The news comes shortly after Bitget injected $30 million into the multi-chain decentralised wallet BitKeep, according to an announcement on March 22.
The new fund coincides with the Hong Kong Blockchain Week, which will see flagship events like Hong Kong Web3 Festival 2023, co-hosted by HashKey Group.
Hong Kong’s crypto hype has been growing since October 2022 when the government announced to allow a certain degree of crypto access to retail investors. Fast forward to April, a slew of crypto exchanges have announced plans to build up a presence in the city including OKX, Bybit, and Huobi Global, among others.